October 7, 2003 10:05 AM PDT
Overture shareholders approve Yahoo sale
Commercial search pioneer Overture Services said that its shareholders on Tuesday approved the company's proposed $1.63 billion acquisition by Yahoo. The deal is expected to close at the end of Nasdaq trading Tuesday, when Pasadena, Calif.-based Overture's "OVER" ticker symbol will expire.
The final buyout price, which analysts have pegged at $1.7 billion, will become public at that time. Sunnyvale, Calif.-based Yahoo announced in July that it would buy Overture to compete more fully in search against such companies as Google and Microsoft's MSN. Overture's profitable business of selling advertisers' listings in search results accounted for about 20 percent of Yahoo's revenue last quarter.