Lexar Holders Back Micron’s Takeover Bid

Lexar Media Inc. shareholders approved an $801-million takeover bid by Micron Technology Inc., rejecting efforts to block the deal by billionaire Carl Icahn and hedge fund managers who said the price was too low.

An estimated 53.1% of shareholders backed the deal at a meeting at Lexar’s Fremont, Calif., headquarters. Micron will pay 0.5925 share of its stock for each share of Lexar, a moneylosing computer memory-card maker.

Shares of Lexar rose 18 cents to $9.61. Micron rose 31 cents to $16.35.