Seagate Completes Acquisition of Dot Hill Systems
06 Oktober 2015 - 3:02PM
Business Wire
Seagate Technology plc (NASDAQ:STX), a world leader in storage
solutions, today announced it has completed its previously
announced acquisition of Dot Hill Systems Corp. (NASDAQ:HILL), a
trusted supplier of innovative software and hardware storage
systems.
Under the terms of the definitive agreement signed between
Seagate and Dot Hill, an indirect wholly owned subsidiary of
Seagate commenced a tender offer for all of the outstanding shares
of Dot Hill in an all-cash transaction valued at $9.75 per share,
or a total of approximately $696 million on a fully-diluted equity
value basis.
The tender offer and the second step merger contemplated by
Seagate’s definitive agreement with Dot Hill were completed on
October 6, 2015. As a result, Dot Hill has become an indirect
wholly owned subsidiary of Seagate and will no longer be listed for
trading on the NASDAQ Global Market.
About Seagate Technology
Seagate creates space for the human experience by innovating how
data is stored, shared and used. Learn more at www.Seagate.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are based on information
available to Seagate as of the date of this press release. Current
expectations, forecasts and assumptions involve a number of risks,
uncertainties, and other factors that could cause actual results to
differ materially from those anticipated by these forward-looking
statements. Such risks, uncertainties, and other factors may be
beyond Seagate’s control. In particular, such statements include
anticipated benefits of the Dot Hill acquisition and Seagate’s
expectation that the Dot Hill acquisition will be accretive to
non-GAAP earnings. The following factors, among others, could cause
actual results to vary from the forward-looking statements: the
ability to achieve anticipated benefits and savings, risks related
to disruption of management’s attention due to integration matters
following the consummation of the merger, operating results and
businesses generally, the outcome of any legal proceedings related
to the proposed merger and the general risk associated with the
respective businesses of Seagate, including the general volatility
of the capital markets, terms and deployment of capital, volatility
of Seagate share prices, changes in the data storage industry,
interest rates or the general economy, underperformance of
Seagate’s assets and investments and decreased ability to raise
funds and the degree and nature of Seagate’s and Dot Hill’s
competition. Additional information concerning risks, uncertainties
and other factors that could cause results to differ materially
from those projected in the forward-looking statements is contained
in Seagate’s Report on Form 10-K filed with the U.S. Securities and
Exchange Commission on August 12, 2015, the “Risk Factors” section
of which is incorporated into this document by reference and other
documents filed with or furnished to the Securities and Exchange
Commission. These forward-looking statements should not be relied
upon as representing Seagate’s views as of any subsequent date and
Seagate undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made.
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version on businesswire.com: http://www.businesswire.com/news/home/20151006006127/en/
Seagate Technology plcEric DeRitis,
408-658-1561eric.deritis@seagate.com
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