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Pace Rocks the Vote

Pace Micro Technology inched closer to becoming the world's third-largest maker of set-top boxes Wednesday after shareholders blessed a deal to buy the set-top and "connectivity solutions" unit of Royal Philips Electronics N.V. (NYSE: PHG; Amsterdam: PHI) .

Late last month, Pace announced it would pay about $10 million less than the original sum attached to the "reverse takeover" of the France-based Philips division. In December, Pace said it expected to pay a maximum of $134.5 million, while the revised terms came in at about $124.7 million. (See Pace Tweaks Philips STB Deal and Pace Shoots for STB Stardom.)

They expect the deal to close on April 21.

— Jeff Baumgartner, Site Editor, Cable Digital News

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