The merger of
Seagate Technology, Inc. (NYSE:SEG) and Conner Peripherals,
Inc. has been consummated.
Under the terms of the merger, first announced October 3, 1995,
Conner stockholders will receive 0.442 of a share of Seagate
common stock for each share of Conner common stock.
In addition, Seagate plans to acquire the minority interest
in Arcada Holdings, Inc., a majority-owned subsidiary of Conner,
subject to Arcada stockholder approval scheduled for February 16, 1996.
Upon such approval the Arcada minority stockholders will receive
.1545 of a share of Seagate common stock for each share of Arcada
Based on shares of Conner common stock and the minority interest
in Arcada common stock outstanding, Seagate expects to issue
a total of approximately 25,642,000 shares of Seagate common stock
in connection with the acquisition of Conner and the minority
interest in Arcada (in addition to shares subject to
outstanding options and debentures).
Seagate Technology, Inc. is a data technology company that provides
products for storing, managing and accessing digital information
on the world's computer and data communications systems.
Seagate is the largest independent disc drive and components company
in the world.
Seagate's home page address on the World Wide Web is http://www.seagate.com.