It’s almost official. Will definitely increase FB share price.
Even though Federal Trade Commission approved Facebook’s acquisition of Instagram last week, the social network was still waiting for a California Department of Corporations “fairness” ruling for the issuance of 23,000 shares to close the deal. It looks like Facebook got the approval, and will be able to close the acquisition of the photo-sharing startup.
Mark Leyes, Director of Communications at California Department of Corporations tell us, “The hearing officer concluded the transaction is fair, just and equitable to shareholders of Instagram.”
The Department issued this statement:
The Department of Corporations determined Wednesday that the terms and conditions of Facebook Inc.’s acquisition of Instagram Inc. are fair to the Instagram shareholders and the Department will issue a permit that authorizes Facebook to issue stock for that acquisition. This determination constitutes the final regulatory approval required for the acquisition. Formal approval by Instagram’s shareholders must still occur.
“Our role as…
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