Maxtor will be but a distant memory in just a few days and the name thrown into Seagate's closet of conquests

In a matter of days we will never see the Maxtor name on the New York Stock Exchange again as shareholders of Seagate Technology and Maxtor Corporation have approved the acquisition of all of Maxtor's assets by Seagate. Under the agreement shareholders of Maxtor stock will receive 0.37 shares of Seagate stock for every share of Maxtor stock they own.  Seagate issued the following statement in a press release today:

With all required regulatory and shareholder approvals now secured, it is expected that the transaction will close in 2-3 business days and that Maxtor shares will cease to be listed on the New York Stock Exchange before the market opens on Monday, May 22, 2006.

Seagate Technology made the initial announcement of the merger late December 2005 for a $1.9B USD buyout and at that point it was just a matter of time before things were finalized between the two organizations.

The merger will transfer over Maxtor assets such as its media facilities which are said to be ready for manufacturing perpendicular magnetic recording media as well as any products Seagate feels would be a great addition for generating revenue. Seagate has also hinted that the Maxtor acquisition may not be the last it makes and we are looking forward to what the hard drive giant has up its sleeves.

"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer
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