Hollywood Entertainment Corp. announced today (April 22) that its shareholders have officially approved a merger with fellow rental chain Movie Gallery.

Hollywood Entertainment Corp. announced today (April 22) that its shareholders have officially approved a merger with fellow rental chain Movie Gallery.

Movie Gallery's $1.2 billion bid, worth $13.25 per Hollywood share, is expected to close by April 27.

For months, Blockbuster had been attempting a takeover of Hollywood for $1.3 billion. In early March, the Federal Trade Commission filed a motion to bar the chain from pursuing a hostile takeover. On March 25, Blockbuster announced that its offer had expired.

Hollywood will become a wholly owned subsidiary of Movie Gallery.