Symantec, Veritas Shareholders OK Merger

Shareholders of Symantec(SYMC Quote) and Veritas Software(VRTS Quote) have OK'd the long-delayed merger of their companies.

Valued last December at $13.5 billion, the deal is now worth about $10.5 billion, although a final valuation won't be made until the deal actually closes on July 2.

The loss in value -- based on Symantec's stock price -- actually began as soon as word of the merger leaked out. Wall Street has been skeptical that the merger of a fast-growing antivirus maker and a less robust provider of storage management software would make a good combination.

Although one major shareholder advisory service urged Symantec voters to turn down the deal while another urged a "yes" vote, Symantec's holders evidenced little doubt, with 95% of the votes cast in favor of the merger.

As expected, Veritas voters also approved the measure Friday morning, but an exact tally wasn't immediately available. The company's stock will cease trading after the close of the market on July 1.

In recent trading, both shares of both companies were trading down; Symantec off 44 cents, or 2%, to $21.29, Veritas off 38 cents, or 1.6%, to $23.89.