Avid and Pinnacle Merger Awaits European Approval

Mountain View, California -- Avid Technology, a U.S.-based maker of
audio and video editing systems, and competitor Pinnacle Systems
announced that shareholders from both companies have approved
Avid's acquisition of Pinnacle. In March, Avid agreed to pay $462
million in cash and stock for Pinnacle. The closing of the deal remains
subject to approval by European regulators, the companies said.
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