NEW YORK (AP) — Taiwanese computer maker Acer Inc. has completed its tender offer for struggling U.S. PC vendor Gateway Inc., the company said early Tuesday.
The offer expired Oct. 10 with about 322.9 million Gateway shares validly tendered, representing about 86.1 percent of the company's outstanding stock, Acer said.
As part of the $710 million deal, shareholders will receive $1.90 for each Gateway stock they own.
The buyout is expected to close Tuesday, and Gateway's shares will cease trading on the New York Stock Exchange. The combined company will become the world's third-largest PC vendor, behind Hewlett-Packard Co. and Dell Inc.