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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: The Philosopher who wrote (2766)	6/25/1998 8:53:00 AM
From: DIY Investor	Read Replies (3) \| Respond to of 5944

Symbios Deal Terminated! Source: biz.yahoo.com Thursday June 25, 8:01 am Eastern Time Company Press Release Adaptec and Hyundai End Planned Symbios Transaction MILPITAS, Calif.--(BUSINESS WIRE)--June 25, 1998--Adaptec, Inc. and Hyundai Electronics America (HEA) announced today that they have mutually agreed to terminate the Stock Purchase Agreement under which Adaptec was to buy all of the outstanding stock of HEA's subsidiary, Symbios, Inc. The mutual termination was based upon the parties' conclusion that the U.S. Federal Trade Commission (FTC) was unlikely to approve the transaction in its current form. ''We are very disappointed that we are unable to complete this transaction,'' said Grant Saviers, chairman and CEO of Adaptec. ''While we are not in agreement with the FTC, we have concluded that it is in the best interests of both companies to terminate the transaction at this time.'' Dr. C.S. Park, president and CEO of Hyundai Electronics America stated that, ''HEA shares Adaptec's disappointment that the transaction could not be completed as planned.'' Adaptec stated that it expects to take a charge of approximately $20 million in its current fiscal quarter, ending June 30, 1998, in connection with this transaction. About Adaptec Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O, connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Calif., Adaptec (NASDAQ:ADPT - news) employs people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is adaptec.com. -------------------------------------------------------------------------------- Contact: Adaptec Paul G. Hansen, Chief Financial Officer Christopher G. O' Meara, V.P. & Treasurer Bruce Frymire, Adaptec Public Relations Adam Trunkey, Adaptec Public Relations 408/945-8600 or Hyundai Electronics America C.S. Chung, Senior V.P., Finance 408/232-8268