The final price may end up being more than the initially proposed $186 million, but Seagate has successfully acquired a controlling share of LaCie stocks. The provisional price of €4.05 per share could increase to €4.17 if Seagate manages to accumulate 95 percent of the company's stocks in the next six months. As of now, however, it hold just shy of 65 percent, enough to take control of the French manufacturer. With LaCie and its valuable consumer business under its belt and Samsung's SSD expertise, the move to reject a Western Digital take over is looking better and better. After all, consumer choice is the engine of capitalism and now Seagate has more than enough ammunition to take on WD and its Hitachi properties. Check out the PR after the break.
Seagate and LaCie Announce Completion of the Acquisition of a Controlling Interest in LaCie
CUPERTINO, Calif. & PARIS--(BUSINESS WIRE)--Following their press releases issued on May 23, 2012 and June 14, 2012, Seagate Technology plc (NASDAQ:STX) and LaCie S.A. (Euronext:LAC) announced today the completion of the purchase by Seagate of all of the shares of Philippe Spruch and his affiliate, representing 64.5% of the outstanding shares of LaCie for a provisional price of €4.05 per share. 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 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.
Seagate is a world leader in hard disk drives and storage solutions. Learn more at www.seagate.com.
With operations in the Americas, Europe and Asia, LaCie is the leading manufacturer of storage devices for PC, Apple, and Linux. LaCie has differentiated itself through sleek design and remarkable technical performance. Find out more about our products at www.lacie.com.