Feb 05, 1996

Seagate Press Release: Seagate Technology Completes Merger with Conner Peripherals

The merger of Seagate Technology, Inc. (NYSE:SEG) and Conner Peripherals, Inc. has been consummated.

Under the terms of the merger, first announced on 3rd October 1995, Conner shareholders 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 shareholder approval scheduled for 16th February 1996. Upon such approval, the Arcada minority shareholders will receive 0.1545 of a share of Seagate common stock for each share of Arcada common stock. 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.