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Thursday, 01 September 2005 10:58

Sun seals StorageTek acquisition

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IT storage vendor, StorageTek, stockholders have approved the acquisition agreement between StorageTek and Sun Microsystems by an overwhelming majority of more than 99%.

Under the  terms of the agreement, StorageTek will become a wholly owned subsidiary of Sun Microsystems upon the closing of the proposed transaction.

StorageTek and Sun Microsystems expect to complete the acquisition on 31 August, 2005, at which time trading in StorageTek common stock will be suspended. Under the terms of the acquisition agreement, StorageTek stockholders will receive US$37.00 cash for each share of StorageTek common stock.

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Published in Strategy
Stan Beer

Stan Beer has been involved with the IT industry for 39 years and has worked as a senior journalist and editor at most of the major media publications, including The Australian, Australian Financial Review, The Age, SMH, BRW, and a number of IT trade journals. He co-founded iTWire in 2004, where he was editor in chief until 2016. Today, Stan consults with iTWire News Site /Website administration, advertising scheduling, news editorial posts. In 2016 Stan was presented with a Kester Lifetime Achievement Award for his contribution to Australian IT journalism.

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