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Technology Stocks : Seagate Technology
STX 288.00-2.0%Nov 11 4:00 PM EST
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To: Lucinos who wrote (7327)9/20/1999 9:31:00 AM
From: DJBEINO  Read Replies (1) of 7841
 
We have determined that it is in the best interest of Seagate Software to
reorganize its business. Following our recently concluded transaction with
VERITAS Software Corporation, Seagate Software's assets consist of the assets
of the Information Management Group, or IMG, as well as the shares of VERITAS
Common Stock received in the VERITAS transaction. We believe that it is in the
best interests of developing our IMG business to separate the IMG assets and
the VERITAS stock holdings. We believe that this will better focus the
attention of our management and employees on growing the IMG business.
We propose to accomplish the reorganization by merging a newly formed,
wholly owned subsidiary of Seagate Technology, named Seagate Daylight Merger
Corp., with and into Seagate Software. Following the merger, Seagate Software
will be a wholly owned subsidiary of Seagate Technology and will retain the
shares of VERITAS Common Stock. In the merger, Seagate Software's stockholders
and optionees will receive payment in the form of Seagate Technology's common
stock in return for their proportionate interest in the entire value of Seagate
Software, including the IMG assets and contingent upon the VERITAS stock. All
outstanding Seagate Software stock options will be accelerated immediately
prior to the merger.

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SEAGATE TECHNOLOGY INC has filed a Form 424B2 with the United States
Securities and Exchange Commission.

Click on the following hyperlink to view this filing:
freeedgar.com
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