Hutchinson Technology Announces Early Termination of Hart-Scott-Rodino Waiting Period
September 22 2016 - 8:30AM
Hutchinson Technology Incorporated (NASDAQ:HTCH) (“HTI”) today
announced that the U.S. Federal Trade Commission has granted early
termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended (the “HSR Act”),
with respect to the proposed merger of HTI with and into a wholly
owned subsidiary of TDK Corporation (“TDK”). The early
termination of the waiting period under the HSR Act satisfies one
of the remaining conditions to the closing of the pending merger.
As of August 21, 2016 (the “measurement date”),
HTI’s level of cash (subject to certain adjustments) less any
outstanding borrowings on its revolving line of credit (the “net
cash”), as further defined in the merger agreement with affiliates
of TDK, was approximately $47.1 million. Based on HTI’s net
cash position as of the measurement date, TDK would acquire all of
the outstanding shares of common stock of HTI for total
consideration of $4.00 per share.
The merger is currently expected to close no
later than October 5, 2016, and remains subject to other customary
closing conditions set forth in the merger agreement.
About Hutchinson Technology
Incorporated
HTI is a global supplier of critical precision
component technologies. As a key supplier of suspension assemblies
for disk drives, HTI helps customers improve overall disk drive
performance and meet the demands of an ever-expanding digital
universe. Through its new business development initiatives, HTI
focuses on leveraging its unique precision manufacturing
capabilities in new markets to improve product performance, reduce
size, lower cost, and reduce time to market.
Cautionary Note Regarding
Forward-Looking Statements
This announcement contains forward-looking
statements regarding the completion of the transactions
contemplated by the merger agreement. HTI does not undertake to
update its forward-looking statements. These statements involve
risks and uncertainties. HTI’s actual results could differ
materially from those anticipated in these forward-looking
statements as a result of changes in HTI’s inability to consummate
the transactions contemplated by the merger agreement due to the
failure to satisfy conditions to its completion and other risks to
consummation of the transaction and other factors described from
time to time in HTI’s reports filed with the Securities and
Exchange Commission.
INVESTOR CONTACT:
Chuck Ives
Hutchinson Technology Incorporated
320-587-1605
MEDIA CONTACT:
Connie Pautz
Hutchinson Technology Incorporated
320-587-1823
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