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Technology Stocks : Disk Drive Sector Discussion Forum

WDC 163.00

-0.4%

Nov 7 9:30 AM EST

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To: Dave Hanson who wrote (6128)	4/23/1999 2:01:00 PM
From: Mark Oliver	Read Replies (2) of 9256

It's interesting that you suggest shorting WDC. When I posted this press release from Komag, I found the terms of their deal to buy the media operations for WDC might be in jeopardy. It's late and I might be making a mistake, that you'll see a chance that this deal might fall apart? Prior to the announcement of the company's planned acquisition of Western Digital Corporation's media business, the company and its lenders had reached substantial agreement on a common set of terms and conditions that would be used to amend the company's three outstanding credit facilities. Documentation of this agreement, which would cure the default, was in process before the announcement date of the acquisition. The impact of the acquisition on Komag's projected financial results, however, has required the company and its lenders to reexamine the terms and conditions for amending the company's existing bank loans. As a result, the loan amendments have not been completed, but negotiations on this matter are progressing. The company and Western Digital are still negotiating the definitive agreements for the proposed acquisition. While the parties had originally hoped to close the transaction before the end of March, the closing deadline has been extended into April. The company's lenders have expressed a desire to review the substantive points of the acquisition agreement before finalization of an amended loan package. Unfortunately, the filing deadline for the company's 10-K will occur before the acquisition agreement and amended loan package are completed. As a result of this timing, the company's auditors were required to include the additional paragraph in their audit opinion. Message 9088229 Regards, Mark

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