USA: General Mills shareholders approve Pillsbury acquisition
At a special stockholders' meeting held here on Friday (8th December), General Mills (NYSE: GIS) shareholders approved the two proposals required in conjunction with General Mills' acquisition of The Pillsbury Company from Diageo, plc (LSE: DGE; NYSE: DEO). More than 97 percent of the shares voted were cast in favor of the proposal to issue 141 million shares of General Mills common stock to Diageo under the terms of the merger agreement. More than 71 percent of General Mills' total shares outstanding were voted in favor of amending the company's Restated Certificate of Incorporation to remove Article 5, which relates to shareholder approval for specified transactions between General Mills and holders of 10 percent or more of the company's common stock. The amendment will become effective at the time General Mills completes its acquisition of Pillsbury.
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