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Technology Stocks : All About Sun Microsystems
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From: E_K_S6/2/2005 9:24:51 AM
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SUNW to Buy STK (Storage Technology)....
From Briefing.com 6-02-05

8:01AM Sun Micro to buy Storage Tek for $4.1 bln (STK) 31.23 :Sun Micro and Storage Tek have entered into a definitive agreement under which Sun will acquire StorageTek, creating a new global leader in comprehensive network computing and data management. Together, Sun and StorageTek can offer customers the most complete range of products, services and solutions available for securely managing mission-critical data assets. By bringing a systems approach to Information Lifecycle Management, Sun will be well-positioned to help customers better manage their growing privacy, security, compliance and policy requirements. Under the terms of the agreement approved by both boards of directors, StorageTek stockholders will receive $37 per share in cash for each StorageTek share for an aggregate value of approximately $4.1 billion, including the assumption of employee stock options. Sun expects the transaction to be accretive to non-GAAP earnings in the first 12 months following the closing. Following completion of the proposed transaction, which is expected to occur in late Summer/early Fall 2005, StorageTek will become fully integrated within Sun's organization. In the interim, a joint team with representatives of both companies will develop integration plans that build upon the technological, product and cultural synergies and the best business and product development practices of both companies.
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