VeriFone Systems Inc.'s pending acquisition of rival terminal maker Hypercom Corp. moved a step closer Thursday as Hypercom announced its shareholders had approved the companies' merger agreement.
The agreement was approved by more than 99% of the shares that were voted, which represented about 80% of total shares outstanding as of the record date for the special meeting of Hypercom stockholders on Thursday.
The acquisition, which was announced in November, is expected to result in a combined company with $2 billion in revenue next year, Hypercom said last week.
However, Gil Luria, an analyst who follows the terminal makers for Wedbush Securities, expressed doubts about the merger's prospects in a research note last week, saying merchants might stop buying Hypercom terminals because of the deal. If that happens, Luria wrote, VeriFone might back away.
