Vector Capital becomes Technicolor 's main shareholder
PARIS, June 20 |
PARIS, June 20 (Reuters) - Shareholders of Technicolor on Wednesday overwhelmingly backed Vector Capital's offer for the troubled French digital video specialist against a rival bid by JPMorgan.
San Francisco-based Vector will become the main shareholder of Technicolor despite the board's recommendation to vote for JPMorgan's amended offer.
The JPMorgan's offer was rejected by 95 percent of voting shareholders and the Vector's offer was approved by 91 percent.
This ends a battle which had seen JMorgan Chase investment fund and private equity investor Vector Capital outbid each other in the hope of investing in Technicolor.
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