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Technology Stocks : Seagate Technology - Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: William Epstein who wrote (848)	4/26/1999 10:01:00 AM
From: Sam	Read Replies (1) \| Respond to of 1989

Anyone know what this means? Seagate Technology Announces Commencement of Exchange Offer for Seagate Software Common Stock SCOTTS VALLEY, Calif., April 26 /PRNewswire/ -- Seagate Technology, Inc. (NYSE: SEG - news) today announced that its registration statement on Form S-4 has been declared effective by the SEC and is commencing its exchange offer for all outstanding shares of common stock of Seagate Software, Inc., a majority- owned subsidiary of Seagate Technology. The offer is being made in connection with an agreement for the merger of VERITAS Software Corporation (Nasdaq: VRTS - news) with the Network and Storage Management Group (NSMG) of Seagate Software. The agreement was announced on October 5, 1998 and is subject to the approval of stockholders of VERITAS Software Corporation and Seagate Software, Inc. and other customary conditions. The merger transaction is expected to be completed on May 28, 1999. The exchange rate for Seagate Technology's exchange offer will be based on the average closing price of Seagate Technology common stock for five trading days ending on the sixth business day prior to the VERITAS-NSMG combination and the average fair market value of Seagate Software for the same five trading days. The exchange rate and the exchange offer are detailed in Schedule 14D-1 filed by Seagate Technology with the Securities and Exchange Commission today. The exchange offer, which is currently scheduled to expire at 12:00 midnight, New York City time on June 7,1999 unless extended, is subject to the completion of the VERITAS -- NSMG transaction and other customary conditions. Seagate Technology, Inc. is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get their information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Enterprise Information Management software. Seagate can be found around the globe and at seagate.com. For automated news, stock and financial information by phone, dial toll-free 877-SEG-NYSE. Outside the U.S. and Canada, dial 760-704-4368. Seagate and Seagate Technology are registered trademarks of Seagate Technology, Inc. All trademarks are the property of their respective owners. SOURCE: Seagate Technology, Inc.