Western Digital to Acquire Komag
29 6월 2007 - 6:15AM
PR Newswire (US)
- Positions WD as a Leading Vertically Integrated HDD Supplier LAKE
FOREST, Calif., June 28 /PRNewswire-FirstCall/ -- Western Digital
Corporation ("WD") (NYSE:WDC), and Komag, Incorporated ("Komag")
(NASDAQ:KOMG) announced today that the two companies have entered
into a definitive agreement for WD to acquire Komag for $32.25 in
cash per share for a value of approximately $1 billion. The
acquisition of Komag, a leading media manufacturer, will further
strengthen WD's position as a highly-efficient hard drive maker by
integrating media, one of the critical technology components of a
hard drive. The transaction will be structured as a cash tender
offer for all the outstanding shares of Komag common stock,
followed by a merger of a wholly-owned subsidiary of WD into Komag
in which the remaining shareholders of Komag will receive $32.25 in
cash. The transaction has been unanimously approved by the board of
directors of each company and is subject to customary closing
conditions, including regulatory approvals, and is expected to
close in the third calendar quarter of 2007. WD will fund the
transaction, including the expected retirement of Komag's
convertible notes due 2014, through a combination of the companies'
cash and proceeds from a senior secured term loan of up to $1.25
billion. "This acquisition is a significant step in the evolution
and differentiation of WD as a leader in the worldwide hard drive
industry," said John Coyne, WD President and Chief Executive
Officer. "Following the successful integration of the Read-Rite
head assets since 2003, we are very excited by the opportunity to
drive incremental profitability and efficiencies in the WD business
model through the full integration of Komag's media operation. This
acquisition will enable WD to optimize synergies through the
integration of heads and media, secure our long-term supply of
media, and sharpen our ability to deliver high quality, highly
reliable and cost-effective products to our customers. We believe
that Komag's highly-skilled employees, an industry-leading position
with perpendicular magnetic recording media, and its operational
excellence will further strengthen WD's competitive position.
Together, we have the right team to deliver on WD's strategy to
achieve profitable growth." Tim Harris, Komag's Chief Executive
Officer stated, "We believe WD is the best partner for Komag and
are very excited by the benefits this transaction delivers to both
our shareholders and employees. In particular, we believe the
transaction with WD provides our shareholders with an attractive
price as well as value certainty. The acquisition of Komag by WD is
the natural next step in the customer-supplier relationship between
the two companies. WD is closely embedded as a customer in Komag's
processes and is uniquely positioned to benefit from the Komag
media capabilities." Tim Leyden, WD's Executive Vice President of
Finance, stated, "While the primary purpose of the acquisition is
strategic in terms of access to technology and supply, we expect to
realize meaningful cost benefits. Those cost benefits should enable
the company to achieve incremental gross margin and net margin
improvements before the amortization of acquisition-related
intangibles within 12 months as we integrate Komag into our
operations." Komag's Updated Business Outlook for the Second
Quarter of 2007: Separately in another press release issued today,
Komag updated its business outlook for the June quarter. Today's
Conference Call and Webcast A joint investment community conference
call hosted by WD and Komag focused on the announced transaction
will be held today at 2 p.m. PDT to discuss this transaction. The
live and archived conference call information is below: When:
Thursday, June 28, 2007 at 2PM Pacific; 5PM Eastern Dial-in:
888-810-3950 (toll free) or + 1-210-839-8553 (int'l) Access code:
Western Digital Replay: 800-568-4548 (toll-free) or +1-402-998-0107
(int'l) Access code: n/a (no code) Webcast:
http://www.westerndigital.com/investor -- Click on Conference Calls
http://www.komag.com/ About WD WD, one of the storage industry's
pioneers and long-time leaders, provides products and services for
people and organizations that collect, manage and use digital
information. The company produces reliable, high-performance hard
drives that keep users' data close-at-hand and secure from loss. WD
applies its storage expertise to consumer products for external,
portable and shared storage products. WD was founded in 1970. The
company's storage products are marketed to leading systems
manufacturers, selected resellers and retailers under the WD and WD
brand names. Visit the Investor section of the company's Web site
(http://www.westerndigital.com/) to access a variety of financial
and investor information. About Komag Founded in 1983, Komag is a
leading supplier of thin-film disks, the primary high-capacity
storage medium for digital data. Komag leverages the combination of
its world-class U.S. research and development center and Malaysian
manufacturing operations to produce disks that meet the
high-volume, stringent quality, low cost and demanding technology
needs of its customers. By enabling rapidly improving storage
density at ever-lower cost per gigabyte, Komag seeks to create
extraordinary value for consumers of computers, enterprise storage
systems and electronic appliances such as digital video recorders,
game boxes and consumer electronic storage systems. For more
information about Komag, visit Komag's Internet home page at
http://www.komag.com/. The Investors section of the Web site
provides a variety of financial and investor information, including
an investor presentation. Forward Looking Statements This release
contains forward-looking statements that are subject to certain
risks and uncertainties and are subject to change at any time.
Factors that could cause actual results to differ materially
include, but are not limited to, costs related to the proposed
tender offer and merger, the risk of failing to meet the minimum
tender condition or obtain any required stockholder or regulatory
approvals or satisfy other conditions to the transaction, the risk
that the transaction will not close or that closing will be
delayed, the risk that our respective businesses will suffer due to
uncertainty related to the transaction and other risks related to
our respective businesses set forth in WD's and Komag's filings
with the Securities and Exchange Commission, including our
respective quarterly Reports on Form 10-Q for the quarter ended
March 31, 2007 and April 1, 2007, respectively. There can be no
assurance that the tender offer and second-step merger or any other
transaction will be consummated, or if consummated, that it will
increase shareholder value. The forward-looking statements involve
known and unknown risks, uncertainties and other factors that are,
in some cases, beyond the control of WD and Komag. We caution
investors that any forward-looking statements made by us are not
guarantees of future performance or events. We disclaim any
obligation to update any such factors or to announce publicly the
results of any revisions to any of the forward-looking statements
to reflect future events or developments, except to the extent
required by law. Additional Information and Where to Find it: The
tender offer for the outstanding common stock of Komag has not yet
commenced. This document is for informational purposes only and is
not an offer to buy or the solicitation of an offer to sell any
securities. The solicitation and the offer to buy shares of Komag
common stock will be made only pursuant to an offer to purchase and
related materials that WD intends to file with the SEC on Schedule
TO. Komag also intends to file a solicitation/recommendation
statement on Schedule 14D-9 with respect to the offer. Komag
stockholders and other investors should read these materials
carefully because they contain important information, including the
terms and conditions of the offer. Komag stockholders and other
investors will be able to obtain copies of these materials without
charge from the SEC through the SEC's Web site at
http://www.sec.gov/, from the Information Agent named in the tender
offer documents, from WD (with respect to documents filed by WD
with the SEC), or from Komag (with respect to documents filed by
Komag with the SEC). (Logo:
http://www.newscom.com/cgi-bin/prnh/20000711/WDCLOGO)
http://www.newscom.com/cgi-bin/prnh/20000711/WDCLOGO
http://photoarchive.ap.org/ DATASOURCE: Western Digital Corporation
CONTACT: Bob Blair, Investor Relations, +1-949-672-7834, , or Steve
Shattuck, Public Relations, +1-949-672-7817, , both of Western
Digital; or Kathy Bayless, Chief Financial Officer of Komag,
+1-408-576-2000, Web site: http://www.westerndigital.com/
http://www.komag.com/
Copyright
Komag (NASDAQ:KOMG)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Komag (NASDAQ:KOMG)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024