Summary
Seagate Technology Holdings plc (STX) filed an 8-K on May 4, 2006, to disclose additional information related to its previously announced merger with Maxtor Corporation. This filing is in response to a settlement for a purported shareholder class action lawsuit against Maxtor, alleging breaches of fiduciary duty in connection with the merger. Maxtor has agreed to provide these "Additional Disclosures" to its stockholders to address these concerns. The primary significance for investors is that this filing supplements the information available regarding the merger, which was originally announced in December 2005. The "Additional Disclosure" document, attached as an exhibit, provides further details that Maxtor shareholders should consider before voting on the transaction. Investors are strongly urged to review all filings, including the Joint Proxy Statement/Prospectus, for comprehensive information.
Key Highlights
- 1Seagate Technology is providing an 8-K filing on May 4, 2006, to update information regarding its proposed merger with Maxtor Corporation.
- 2The filing is a direct result of a settlement concerning a shareholder class action lawsuit filed against Maxtor, alleging fiduciary duty violations related to the merger.
- 3Maxtor Corporation will be making "Additional Disclosures" to its stockholders as part of this settlement.
- 4The "Additional Disclosure Relating to the Proposed Merger between Seagate Technology and Maxtor Corporation," dated May 3, 2006, is included as an exhibit to this 8-K.
- 5Investors are strongly encouraged to read the Joint Proxy Statement/Prospectus and other SEC filings for complete details on the proposed transaction.
- 6Information on how to obtain free copies of these documents from the SEC, Seagate, or Maxtor is provided.