Thursday, September 01, 2005

ECT News Network Daily Alert

Sun Buy of StorageTek Clears Last Hurdle

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Shareholders of StorageTek have approved the sale of the company to Sun Microsystems, helping the buy clear the last major hurdle and turning attention to Sun's ability to effectively integrate the US$4 billion purchase. More than 99 percent of shareholders who voted cast ballots in favor of the merger, despite some early grumbling when the deal was first announced it June that the per-share price of $37 cash was too low. More than three-fourths of all shareholders cast votes overall.
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