Seagate Technology Plc (STX) and LaCie S.A. announced an exclusive agreement with the intent for Seagate to acquire a controlling interest in LaCie.
Seagate has offered to purchase from Philippe Spruch, LaCie's chairman and chief executive officer, and his affiliate, all of their shares, representing 64.5% of the outstanding shares of LaCie. Seagate stated that following receipt of governmental approvals and the close of this transaction, it would begin an all-cash simplified tender offer to acquire the remaining outstanding shares in accordance with the General Regulation of the French Autorité des Marchés Financiers.
Seagate has offered Spruch and his affiliate 4.05 euros per share in cash, minus a potential adjustment depending on the cash and debt position of LaCie at closing. This price may be increased by a possible price supplement of 3% in the event that the threshold of 95% of the shares and voting rights of LaCie would be reached by Seagate within 6 months following closing, resulting in a maximum potential price per LaCie share of 4.17 euros, Seagate noted.
The transaction is expected to be neutral to Seagate's fiscal 2013 earnings per share.
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