SanDisk Stockholders Approve Merger With Western Digital
MILPITAS, Calif., March 16 -- SanDisk Corporation (NASDAQ: SNDK) announced that at the Special Stockholder Meeting, the company’s stockholders approved the merger proposal with Western Digital Corporation with 98% of the votes cast in favor of the merger. In addition, as reported in a separate press release issued today by Western Digital, the Western Digital stockholders have approved the proposal to issue additional shares of Western Digital common stock (the NASDAQ Stock Issuance Proposal) in order to complete the proposed acquisition of SanDisk Corporation.
“We are pleased with our stockholders’ strong support of the merger proposal, reflecting the excellent value to be provided to SanDisk stockholders,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “The combination of SanDisk with Western Digital will enable the combined company to offer the broadest portfolio of industry-leading, innovative storage solutions to customers across a wide range of markets and applications.”
In addition to approving Proposal No. 1 to adopt the agreement and plan of merger, SanDisk stockholders also approved Proposal No. 2 related to meeting adjournment and Proposal No. 3, the advisory vote on executive compensation.
The transaction has received regulatory approvals in the U.S., EU, Singapore, Japan, Taiwan, South Korea, Turkey and South Africa. The transaction remains subject to other closing conditions per the merger agreement, including regulatory approval in China. SanDisk continues to expect the company’s merger with Western Digital to close in the second calendar quarter of 2016.
About SanDisk
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions. For more than 27 years, SanDisk has expanded the possibilities of storage, providing trusted and innovative products that have transformed the electronics industry. Today, SanDisk's quality, state-of-the-art solutions are at the heart of many of the world's largest data centers, and embedded in advanced smartphones, tablets and PCs. SanDisk's consumer products are available at hundreds of thousands of retail stores worldwide. For more information, visit www.sandisk.com.
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Source: SanDisk
