Seagate to Acquire Controlling Interest in LaCie
Seagate and LaCie today announced an exclusive agreement with the intent for Seagate to acquire a controlling interest in LaCie. Seagate has offered to purchase from Philippe Spruch, LaCies chairman and CEO, and his affiliate, all of their shares, representing 64.5% of the outstanding shares of LaCie. Following receipt of governmental approvals and the close of this transaction, Seagate would commence an all-cash simplified tender offer to acquire the remaining outstanding shares in accordance with the General Regulation of the French Autorit des Marchs Financiers (AMF). This deal values LaCie as being a $186 million company.
Seagate has offered Mr. Spruch and his affiliate 4.05 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. Without the price supplement, the offer currently values LaCie at an approximate 146 million, or $186 million total equity value, including acquired net cash of approximately 49 million, or $65 million, as of March 31, 2012. The 4.05 per share price represents a premium of 29% to LaCies average closing stock price over the 30 trading days ended May 22, 2012.
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