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Liberty shareholders approve acquisition of F1

NEWS STORY
18/01/2017

Liberty Media has confirmed that at a special meeting of stockholders approval was given for the acquisition of the sport and the change of name to "Formula One Group".

The stockholders vote was one of several 'hurdles' the American company must overcome in order to proceed with its purchase of the sport in which it already holds a 19.1% stake.

Having announced in mid-December that it had agreements with third party investors to commit $1.55 billion in subscriptions for newly issued shares in connection with its purchase of the sport, the company subsequently confirmed that it had received all the required approvals from the appropriate anti-trust authorities in connection with the deal.

Tuesday's stockholders meeting was the latest step with the approval of the deal by the FIA now the only thing that stands in the way of it going ahead.

However, that approval could come today following an extraordinary meeting of the World Motor Sport Council to discuss the matter.

The stockholders approval was revealed in a brief statement issued by Liberty Media:

"Liberty Media Corporation announced today that, at its special meeting of stockholders held on January 17, 2017 at 11:00 a.m. MT, the holders of its common stock entitled to vote thereat approved (i) a proposal relating to the issuance of shares of Series C Liberty Media common stock in connection with its pending acquisition of Formula 1 (the "Acquisition") and (ii) a proposal relating to the adoption of the amendment and restatement of Liberty Media's restated certificate of incorporation to effect the name change of the "Media Group" and the "Liberty Media Common Stock" to the "Formula One Group" and the "Liberty Formula One Common Stock," respectively."

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