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Viacom Inc. said on Friday 05Jan2001 that it expects to close its acquisition of Infinity Broadcasting Corp. later than expected because the two companies have decided to hold an Infinity shareholder vote on the deal. The two companies said in a statement that they had decided to hold a shareholder meeting to gain approval for the deal after a recent Delaware Chancery Court decision "created uncertainty about whether such a vote might be required for Delaware corporations, such as Infinity."

Viacom said that it now expects to close the deal by the end of the first quarter of this 2001. In November, Viacom said it expected to close the merger in the week of Jan. 8. Viacom said in October that it would take full control of Infinity in a revised $12.5 billion stock deal. Viacom already owns all of Infinity's Class B common stock, which represents about 64.3 percent of all Infinity common shares outstanding.

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