SanDisk Acquisition of Msystems Receives U.S. Regulatory Clearance
October 5th, 2006 Leave a comment Visited 27 times, 1 so far today
SanDisk Acquisition of Msystems Receives U.S. Regulatory Clearance
SanDisk® Corporation (NASDAQ:SNDK – News) and msystemsâ„¢ Ltd. (NASDAQ:FLSH – News) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the proposed acquisition of msystems by SanDisk, has expired. Additionally, the SEC has issued a no action letter pursuant to which SanDisk may issue its common stock in the acquisition, if it receives the required Israeli court approval, without registration under the Securities Act of 1933.
The proposed acquisition of msystems by SanDisk was announced on July 30, 2006 by the two companies and the closing of the transaction remains subject to conditions, including, among others, msystems shareholder approval, Israeli court approval, certain other regulatory approvals as well as customary closing conditions. SanDisk expects the transaction to close around the end of the calendar year.
About SanDisk: SanDisk, the world’s largest supplier of flash memory data storage card products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology. SanDisk is based in Milpitas, CA.
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