What is quite possibly the biggest change in Advanced Micro Devices'
So far, so good. But AMD threw the party and nobody showed up. Meeting adjourned until next week, folks. Grab a canape on your way out, and be sure to tell your friends about the luncheon spread!
AMD needed more than 50% of outstanding shares to have voted one way or another, but fell short of a quorum with just 42% of those stubs represented. And no, it's not my fault -- like 97% of those who did respond, I've voted my tiny hand in favor of the proposal and the dilutive stock actions required.
Look, folks: This is a big friggin' deal. I don't like dilution any more than the next shareholder, but spinning out the manufacturing arm to an Abu Dhabi investment firm makes too much sense to get hung up over that detail. The faster that AMD splits into two parts -- a heavy, expensive foundry, and a lightweight, nimble, securely funded chip-design company -- the better.
The company needs every advantage it can get in the neverending uphill fight against industry titan Intel
The stock plunged more than 10% on this news Tuesday. Feel free to pick up a few shares, contribute a bunch of votes, and get rich riding that bouncy stock back up when the vote passes.
And then hold tight for another year or two. Let the split work its magic while management gets back to running the business, undistracted by foundry operations, financial woes, and all the hassle of working out the whole split deal in the first place. You can thank me in 2011, Fool.
Fool contributor Anders Bylund owns shares in AMD, but he holds no other position in any of the companies discussed here. You can check out Anders' holdings or a concise bio if you like, and The Motley Fool is investors writing for investors.