Western Digital Shareholders Approve Issuance Of Common Stock In Connection With Acquisition Of SanDisk >WDC SNDK
DOW JONES & COMPANY, INC. 12:03 PM ET 3/15/2016
Symbol Last Price Change | SNDK | 76.08 | -0.19 (-0.25%) | | WDC | 46.24 | -1.95 (-4.05%) | | QUOTES AS OF 12:03:24 PM ET 03/15/2016 |
Western Digital Shareholders Approve Issuance of Common Stock in Connection With Acquisition of SanDisk(SNDK)
PR Newswire
IRVINE, Calif., March 15, 2016
IRVINE, Calif., March 15, 2016 /PRNewswire/ -- Western Digital(R) Corporation today announced that its shareholders have voted to approve the issuance of Western Digital(WDC) common stock in connection with the previously announced acquisition of SanDisk Corporation(SNDK) as well as all other proposals described in Western Digital's(WDC) proxy statement/prospectus. In a preliminary count of the voting results from today's special meeting of shareholders, more than 90 percent of votes cast were in favor of approving the issuance of Western Digital Corporation(WDC) common stock in connection with the acquisition. Separately, SanDisk(SNDK) shareholders have voted to approve the merger with Western Digital(WDC).
"We are pleased to receive the support of both our shareholders and SanDisk's(SNDK), marking another milestone on our journey to transform Western Digital(WDC) into the leading storage solutions company," said Steve Milligan, chief executive officer of Western Digital(WDC). "This combination brings together two tremendous companies and cultures ideally positioned to capture the growth opportunities in our rapidly evolving industry. We look forward to completing the transaction and working with SanDisk(SNDK) to create significant value for our combined shareholders, customers, and employees."
In addition to the stock issuance proposal, shareholders approved the adjournment proposal and the non-binding advisory proposal at today's special meeting of shareholders.
The final voting results will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission later today. Western Digital(WDC) continues to expect the transaction to close during the second calendar quarter of 2016 and has received regulatory approvals in the U.S., EU, Singapore, Japan, Taiwan, South Korea, South Africa and Turkey. The transaction remains subject to other customary closing conditions, including regulatory approval in China. |
