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Stockholders Ok With StorageTek And Sun Microsystems
By John Stith
Staff Writer
Article Date: 2005-08-30
StorageTek announced today their stockholder signed off on the deal for Sun Microsystems to acquire the storage technology company. Under the terms, StorageTek will become a wholly owned subsidiary of Sun.
StorageTek said 71% of the total shares voted and 99.2% of those shares approved the deal. Less than 1% opposed or abstained.
The deal is slated for conclusing on August 31, 2005 and StorageTek stockholders will receive $37 a share. There are 108,356, 536 shares outstanding.
StorageTek utilizes "information lifecycle management strategy" to work with business on information storage solutions. This will make a good addition for Sun Microsystems, particularly as they move into their future ventures.
About the Author:
John Stith is a staff writer for WebProNews covering technology and business.
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