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Hollywood Shareholders Approve Movie Gallery Buy

22 Apr, 2005 By: Erik Gruenwedel

As expected, Hollywood Entertainment Corp. shareholders today formally approved Movie Gallery's $13.25 per share, or $1.2 billion, buyout offer.

With about 70 percent of Hollywood shares represented in the special meeting, 88.5 percent, or 39.3 million shares, of those represented voted in favor of the merger agreement.

Under terms of the merger — to be completed by April 27 — Wilsonville, Ore.-based Hollywood will become a wholly owned subsidiary of Dothan, Ala.-based Movie Gallery.

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