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Shareholders approve Seagate acquisition of Maxtor

Seagate Technology , and Maxtor Corporation announced late yesterday that Seagate shareholders and Maxtor stockholders have approved the previously announced definitive merger agreement under which Seagate will acquire Maxtor in an all stock transaction. Looks like all parties have a green light for the merger to happen!

Seagate has approached this transaction much differently than traditional mergers and acquisitions. This combination will deliver greater scale by leveraging Seagate's successful business model and is not intended to be a traditional integration of product lines or operations," said Bill Watkins, Seagate's President and CEO. "The acquisition of Maxtor will further build on Seagate's foundation as the premier global hard disc drive company and strengthens our ability to drive future growth by providing enhanced operating scale and key resources to fuel product innovation, maximize efficiency and realize significant cost benefits.

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Posted by | Thu, May 18, 2006 - 10:08 AM