AMD puts off foundry spin-off vote

Advanced Micro Devices Inc. announced it needs more time to solicit shareholder support for its plan to spin off its manufacturing facilities into a new foundry venture.

The company has adjourned until Feb. 18 a special meeting of stockholders so it can solicit proxies from its stockholders to establish the requisite quorum for the spin off.

A majority of AMD's shares that were outstanding at the close of business on Jan. 15 need to be present at the meeting, either in person or by proxy, to establish a quorum, AMD said. About 42 of those shares have been voted, with about 97 percent of votes cast in favor of issuing the additional shares and warrants to create the spinoff Foundry Co., the company said.

AMD announced last October it would split off its manufacturing operations in conjunction with the Advanced Technology Investment Co. of Abu Dhabi.

AMD later said that, due to a decrease in the valuation of the manufacturing facilities and equipment related to the economic recession, it would take a lower-than-anticipated 34.2 percent in the Foundry Co. The original plan had been for AMD to own 44 percent of the venture.

- Dylan McGrath
EE Times