VERITAS Software Corporation and Seagate Technology today announced final terms for the three-party transaction involving the sale of Seagate's operating assets to a company formed by a group of private equity firms led by Silver Lake Partners, followed by a merger between Seagate and a subsidiary of VERITAS Software, which closed on November 22, 2000. As a result of this transaction, VERITAS Software's total number of shares of common stock outstanding decreased by 18.7 million shares, or just over 4 percent of the total outstanding shares on a fully diluted basis.
VERITAS Software has acquired all of the 128 million VERITAS Software shares previously held by Seagate, as well as the investment securities of Gadzoox Networks previously held by Seagate. Seagate stockholders will receive 0.4465 shares of VERITAS common stock and $8.5484 in cash per share of Seagate common stock, based upon 244,993,020 Seagate fully diluted shares outstanding. VERITAS Software expects to begin distributing the shares and cash to Seagate stockholders on or before December 6, 2000.
Seagate stockholders may also be entitled to receive additional cash payments in the future following the receipt of tax refunds and utilization of tax credits attributable to Seagate's operations prior to the transaction closing, the liquidation of the investment securities of Lernout & Hauspie previously held by Seagate and the release of $50 million of additional merger consideration currently being held pending court approval and completion of previously settled class action litigation relating to the transaction.
VERITAS Software has acquired all of the 128 million VERITAS Software shares previously held by Seagate, as well as the investment securities of Gadzoox Networks previously held by Seagate. Seagate stockholders will receive 0.4465 shares of VERITAS common stock and $8.5484 in cash per share of Seagate common stock, based upon 244,993,020 Seagate fully diluted shares outstanding. VERITAS Software expects to begin distributing the shares and cash to Seagate stockholders on or before December 6, 2000.
Seagate stockholders may also be entitled to receive additional cash payments in the future following the receipt of tax refunds and utilization of tax credits attributable to Seagate's operations prior to the transaction closing, the liquidation of the investment securities of Lernout & Hauspie previously held by Seagate and the release of $50 million of additional merger consideration currently being held pending court approval and completion of previously settled class action litigation relating to the transaction.
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