European Commission Entering Phase II Review of WD(R) Proposed AcquisitionBy Western Digital Corporation, PRNE
Sunday, May 29, 2011
IRVINE, California, May 30, 2011 -
Western Digital Corporation (NYSE: WDC) today said it was informed by the
European Commission (EC) that the EC would enter a Phase II review of WD's
previously announced acquisition of Hitachi Global Storage Technologies'
holding company, Viviti Technologies Ltd., a wholly owned subsidiary of
Hitachi, Ltd. The company is co-operating fully with the EC in the Phase II
The proposed acquisition, which is subject to several closing conditions,
including the receipt of antitrust approvals or the expiration of applicable
waiting periods in certain jurisdictions, is now expected to close in the
fourth calendar quarter of 2011.
The company indicated that it is proceeding, on plan, with its
integration-planning activities associated with the proposed acquisition.
WD, one of the storage industry's pioneers and long-time leaders,
provides products and services for people and organizations that collect,
manage and use digital information. The company designs and produces
reliable, high-performance hard drives and solid state drives that keep
users' data accessible and secure from loss. Its advanced technologies are
configured into applications for client and enterprise computing, embedded
systems and consumer electronics, as well as its own consumer storage and
home entertainment products.
WD was founded in 1970. The company's storage products are marketed to
leading OEMs, systems manufacturers, selected resellers and retailers under
the Western Digital(R) and WD(R) brand names. Visit the Investor section of
the company's Website (www.westerndigital.com) to access a variety of
financial and investor information.
Safe Harbor for Forward-looking Statements
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include the statement concerning the expected
timing of the completion of the transaction. These forward-looking statements
are based on current expectations and are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed or
implied in the forward-looking statements, including: delays in or failure to
obtain any required regulatory approvals with respect to the transaction;
failure to consummate or delay in consummating the transaction for other
reasons; and other risks and uncertainties detailed in WD's filings with the
Securities and Exchange Commission (the "SEC"), including WD's recent Form
10-Q filed with the SEC on April 29, 2011, for the quarter ended April 1,
2011, to which your attention is directed. You are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of
the date hereof, and WD undertakes no obligation to update these
forward-looking statements to reflect subsequent events or circumstances.
Western Digital, WD, and the WD logo are registered trademarks of Western
Digital Technologies, Inc. All other trademarks mentioned herein belong to
their respective owners.
(Logo: photos.prnewswire.com/prnh/20000711/WDCLOGO )
Western Digital Contacts: Steve Shattuck, WD Press Relations, +1-949-672-7817, steve.shattuck at wdc.com; Bob Blair, WD Investor Relations, +1-949-672-7834, robert.blair at wdc.com
Tags: california, Irvine, May 30, Western Digital Corporation