Advanced Digital Information Corp. (ADIC) Message Board

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Technology Stocks : Advanced Digital Information Corp. (ADIC)

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To: Jim Oravetz who wrote (2279)	11/16/2005 12:56:56 PM
From: Jim Oravetz	Read Replies (1) of 2283

Advanced Digital Withdraws Offer To Buy Overland Storage DOW JONES NEWSWIRES November 16, 2005 9:11 a.m. WASHINGTON -- Advanced Digital Information Corp. (ADIC) on Wednesday said it's withdrawing its offer to acquire all of Overland Storage Inc.'s (OVRL) outstanding common stock for $7.90 a share in cash. According to an amended Schedule 13D filed with the Securities and Exchange Commission, Advanced Digital decided to withdraw its offer because of the company's continued refusal to engage in any dialogue regarding a potential business combination. Advanced Digital currently holds a 9.14% stake in Overland Storage, with beneficial ownership of 1,303,842 common shares. In a letter sent to Overland Storage's board Wednesday, Advanced Digital said its withdrawn offer represented an 18% premium to Overland Storage's unaffected share price of $6.69 a share, which was the closing price of the stock prior to the date at which Advanced Digital indicated that it had acquired a significant stake in the company. In the letter, Advanced Digital also said that despite Overland Storage's announced willingness to engage in discussions with potential acquirors, it has continually refused to engage in discussions with the company. On Sept. 2, Overland Storage sent Advanced Digital a letter saying that its board and management "are not interested in engaging in a dialogue regarding sale of the company." Overland Storage also issued a press release in mid-October indicating that its board wouldn't engage in any discussion regarding Advanced Digital's proposed offer, the letter said. Shares of Overland Storage, which supplies data storage and storage automation systems, closed Tuesday at $8.51 each. Shares of Advanced Digital Information closed at $9.90 each.

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