Thursday, August 17, 2006

Quantum: ADIC Acquisition To Close August 22

San Jose-based Quantum Corp, which is in the midst of acquiring Redmond, Washington-based tape provider ADIC, said today that it expects it acquisition of ADIC to close on August 22nd, pending approval by ADIC shareholders at a special meeting on August 18th. Quantum announced in May that it was acquiring ADIC in a deal worth $770M. Quantum said that shareholders have the option to either receive 3.461 Quantum shares for each ADIC share, or receive $12.25 per ADIC share in cash on close. Quantum is a provider of tape drives, autoloaders, libraries, as well as disk-based backup systems. ADIC is a manufacturer of tape libraries, disk-based backup, and software.