Recent news over the weekend announced that Seagate has completed the acquisition of LaCie the maker of external hard drives by securing the all of the remaining shares of Philippe Spruch and his affiliates. The transaction would combine both of the technology portfolios to compliment each other while bringing newer consumer storage solutions.
Seagate will be the new brand of hard drives utilized within LaCie branded products The combination is anticipated to accelerate the the growth with network-attached storage solutions, as well as software for Seagate's mainstream consumer storage line up.
Back in May of 2012, Seagate had announced a solid interest of intent to acquire a controlling shares in LaCie, and in a press release announced on August 3 “The price payable to Philippe Spruch and his affiliate may be increased by 3%, to €4.17 per share, in the event that within six months following today's date, Seagate holds at least 95% of the share capital and voting rights of LaCie.”
The announcement continues...
- “The completion of the transaction follows the required clearances from the French Ministry of Finance and the US and German Antitrust Authorities.
As a result of the completion of the transaction, Seagate intends to file in the coming weeks with the French Autorité des marches financiers an all-cash simplified tender offer on the remaining LaCie shares.
As previously announced, Ricol Lasteyrie & Associés has been appointed as independent expert by the Board of Directors of LaCie on May 23, 2012.
Following discussions with the Board of Directors of LaCie, in particular with the independent members, Seagate has increased the proposed offer price at which it will file its tender offer to €4.50 per LaCie share (without an additional 3% price supplement in the event that a squeeze-out procedure is implemented). Seagate may carry out a squeeze-out procedure at the same price of €4.50 per LaCie share if it were to hold at least 95% of the shares and voting rights of LaCie.
The Board of Directors welcomes the revised offer price and intends to support the revised offer as long as the final report of the independent expert affirms the valuation.”
Further details and info can be found at http://www.seagte.com and http://www.lacie.com