SanDisk Completes Acquisition of M-Systems

SanDisk Completes Acquisition of M-Systems

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SanDisk Corporation announced earlier this week the completion of its acquisition of M-Systems Ltd. in an all stock transaction valued at approximately $1.5 billion. 

“Today marks the exciting beginning of the new SanDisk as we commence operations with M-Systems as an integrated team under one company,” said Eli Harari, SanDisk Chairman and CEO. “With our great energy and passion and complementary strengths, we expect this industry leading innovative team to transform our markets through leadership products in the coming decade.”

On July 30, 2006, SanDisk and M-Systems entered into definitive agreements for SanDisk to acquire M-Systems in an all stock transaction.  In the transaction, each M-Systems ordinary share will be converted into 0.76368 of a share of SanDisk common stock, and options or other rights in M-Systems shares will be converted using the same ratio. The convertible note issued by M-Systems Finance Inc. will become convertible into SanDisk common stock, after giving effect to the exchange ratio in the Merger.

“Joining SanDisk is a great opportunity for our shareholders, employees and partners. It strengthens the foundation for the continued growth of the business we have built together over the past 18 years. We are proud of creating true value and I have no doubt that the joint organization will continue creating innovation, value and success,” said Dov Moran, President and CEO of M-Systems.  “We are pleased that the acquisition of M-Systems is now complete and I would like to thank our shareholders, employees and partners for their faith and unwavering support throughout this process.”

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