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Imation and TDK Agree to Imation's Acquisition of TDK Brand Recording Media Business


cdanteek

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News Release

 

 

 

Imation and TDK Agree to Imation's Acquisition of TDK Brand Recording Media Business for $300 Million in Stock and Cash

TDK to Take Approximately 17% Ownership Stake in Imation Seat on Imation Board of Directors Transaction Expected to Close in Calendar 3rd Quarter 2007

TOKYO and OAKDALE, Minn., April 19, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Imation Corp. (NYSE: IMN) and TDK (NYSE: TDK) announced today that they have reached a definitive agreement under which Imation will acquire TDK brand world wide recording media business and use of the TDK brand name for recording media products, for $300 million in a combination of Imation common stock and cash with potential for payment of up to an additional $70 million based on future financial performance of the acquired business. TDK will retain its R&D, manufacturing and OEM business. The boards of directors of both companies have approved the transaction

 

Highlights of the proposed transaction

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I believe TDK announced some time ago they were withdrawing fron this part of the market, so having Imation step in will preserve the brand.

 

That might not be bad, as I've found Imation discs to be quite good quality.

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The Imation discs we get where I am are usually CMC Magnetics M01 discs, and my drives seem to like them.

 

I have had TDK discs and Verbatims made by CMC Magnetics too, and Verbatims made by Optodisc, Ricoh, and Philips. It gets very confusing some times.

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I guess I'll have to get a spindle of them (Imation) and try them again and see how they are. Never fails, once I get something that I like that really works good for me and then they go and change things :angry2:

 

Frank...

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