On Wednesday, Shares of Seagate Technology PLC (NASDAQ:STX), lost -5.03% to $49.43.
Seagate Technology PLC, a world leader in storage solutions, and Dot Hill Systems Corp. (HILL), a trusted supplier of innovative software and hardware storage systems, recently declared that they have reached a definitive agreement under which a wholly-owned indirect partner of Seagate will commence a tender offer for all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of about $694 million on a fully-diluted equity value basis. As Dot Hill has about $49 million in cash on its balance sheet as of June 30, 2015, the transaction reflects an enterprise value of about $645 million. The consideration represents a 50% premium over the preceding three month stock price average.
Dot Hill’s external storage array-based systems and software products will complement and expand Seagate’s storage systems offerings and be offered as part of Seagate’s Cloud Systems and Electronics Solutions business. Seagate will leverage Dot Hill’s storage technology IP portfolio and software capabilities to drive innovation and provide incremental value to their combined OEM customer base.
“Seagate has a strong reputation in enterprise storage and is focused on building out its best-in-class storage system capabilities, making them the right home for the talented Dot Hill team,” said Dana Kammersgard, Chief Executive Officer of Dot Hill. “Dot Hill’s customers will benefit from leveraging Seagate’s leading technology and infrastructure to accelerate the delivery of advanced solutions.”
Seagate Technology Public Limited Company designs, manufactures, and sells electronic data storage products in the Asia Pacific, the Americas, and EMEA countries.
Finally, Real Goods Solar, Inc. - Class A (NASDAQ:RGS), ended its last trade with -11.81% loss, and closed at $1.12.
Real Goods Solar, Inc, has stated results for its second quarter ended June 30, 2015. The company also filed recently its quarterly report on Form 10-Q.
“During the second quarter, we made great strides towards turning around our business that resulted in several accomplishments, counting our return to positive stockholders’ equity and positive working capital,” stated RGS Energy CEO, Dennis Lacey. “Since the end of the quarter, we have further reduced our accounts payable, the aging of which was hindering our business. We are now pivoting our efforts toward revenue growth by expanding our sales and construction capabilities.”
Real Goods Solar, Inc. operates as a residential and commercial solar energy engineering, procurement, and construction company in the United States. It operates in three segments: Residential, Sunetric, and Other.
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