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Technology Stocks : Semi Equipment Analysis
SOXX 299.81+2.7%Dec 19 4:00 PM EST
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To: sixty2nds who wrote (27573)12/21/2005 7:28:47 AM
From: sixty2nds  Read Replies (2) of 95616
 
06:16 STX Seagate Tech confirms it will acquire Maxtor (19.60 ) -Update-

The co and Maxtor (MXO) jointly announce they have entered into a definitive agreement under which Seagate will acquire Maxtor in an all stock transaction. Under the terms of the agreement, Maxtor shareholders will receive .37 shares of Seagate common stock (or approximately $7.25 per share.) for each Maxtor share they own. When the transaction is completed Seagate shareholders will own approx 84% and Maxtor shareholders will own approx 16% of the combined co. The value of the transaction is approx $1.9 bln. It is estimated that the incremental revs will generate gross margins that are in line with the high end of Seagate's stand-alone model. In addition, the combined co expects to achieve approx $300 mln of annual operating expense savings in connection with the transaction after the first full year of integration. The combined company is expected to generate significant synergies, and the transaction is expected to be at least 10-20% accretive to Seagate on a cash EPS basis after the first full year of combined operations. Co reaffirms Q2 guidance of $0.53-0.57 on revs of $2.2 bln vs $0.53 and $2.19 bln consensus respectively. Reaffirms FY06 guidance of approx $2.00 vs $1.98 consensus.
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