Friday October 8, 10:02 am Eastern Time
Company Press Release
Regulatory and Stockholder Approvals Obtained for EMC Acquisition of
Data General
HOPKINTON and WESTBORO, Mass.--(BUSINESS WIRE)--Oct. 8, 1999--EMC Corporation and Data General
Corporation today announced that regulatory and stockholder approvals have been obtained for EMC's acquisition of Data General. The companies expect the
acquisition to be completed shortly.
Data General stockholders approved the company's acquisition by EMC on Thursday at a special meeting of stockholders in Boston. Data General and EMC also
have received the requisite regulatory approvals and clearances.
Under the terms of the merger agreement, which was announced August 9, each share of Data General common stock will be exchanged for 0.3125 shares of EMC
common stock. This exchange ratio is based on the average share price for EMC common stock during the 20-day trading period that ended October 1.
The acquisition of Data General will further strengthen EMC's market-leading portfolio of intelligent enterprise storage systems, software and services, through the
addition of Data General's CLARiiON line of midrange storage systems. Data General's AViiON server business will continue to focus on the UNIX and Windows
NT marketplaces, its industry leading NUMA (non-uniform memory access) technology, and serving the needs of its substantial worldwide customer base.
Data General, based in Westboro, Massachusetts, is a major supplier of storage and enterprise computing solutions for customers worldwide. The company's
products include CLARiiON Fibre Channel storage systems, high-end Windows NT and UNIX AViiON servers, and related software and services. The company
reported fiscal 1998 revenues of $1.5 billion. Additional information on the company, its products, and services is available on the Internet at www.dg.com .
EMC Corporation, based in Hopkinton, Massachusetts, is the world's technology and market leader in the rapidly growing market for intelligent enterprise storage
systems, software, networks and services. EMC's products store, retrieve, manage, protect and share information from all major computing environments, including
UNIX, Windows NT and mainframe platforms. With 1998 revenues of $3.97 billion, EMC has offices worldwide, trades on the New York Stock Exchange under
the symbol EMC, and is a component of the S&P 500 Index. For further information about EMC and its storage solutions, EMC's corporate web site can be
accessed at emc.com.
This release contains ''forward-looking statements'' as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the
forward-looking statements as a result of certain risk factors, including but not limited to: (i) the operational integration associated with acquisitions; (ii) delays in the
development, production or acceptance of either company's products; (iii) the transition to new products; (iv) competitive factors, including but not limited to pricing
pressures, in the computer storage market; (v) the relative and varying rates of product price and component cost declines; (vi) other risks associated with
acquisitions; and (vii) other one-time events and other important factors disclosed previously and from time to time in EMC's filings with the U.S. Securities and
Exchange Commission. |
