MILPITAS, Calif. -- May 11, 1999 -- Quantum Corporation (NMS:QNTM), the world's most diversified independent storage supplier, today announced a definitive agreement to acquire Meridian Data Incorporated in an all stock, tax-free, purchase accounting transaction. The acquisition is another significant step in Quantum's strategy to expand its storage business by increasing its technology base and providing a broader range of value-added storage products.
Under the terms of the agreement, Meridian Data stockholders will receive 0.489 of a share of Quantum stock for each share of Meridian Data stock, subject to adjustment based on the trading range of Quantum stock prior to the completion of the merger. The estimated net acquisition cost to Quantum would be approximately $85 million, based on yesterday's closing stock price.
Meridian Data, a leading supplier of network attached storage (NAS) solutions, is the developer of the industry's first robust storage operating system (OS) for entry- and workgroup-level appliances and creator of the Snap