March 12, 1997 |
Applied Magnetics Corp. sent an open letter to its shareholders to explain its $1.31-billion hostile takeover offer for larger rival Read-Rite Corp. In the letter, Chief Executive Craig Crisman said the Goleta company became convinced a merger would benefit both companies and that Applied made its bid only after Milpitas-based Read-Rite declined other transactions. Read-Rite's board has rejected the proposal and adopted a "poison pill" plan to thwart it and any other hostile bids.
February 26, 1997 |
Read-Rite Corp. said its board of directors met Tuesday and that the company was still considering an unsolicited $1.5-billion takeover bid from Applied Magnetics Corp., a rival manufacturer of computer disk drive parts. "The board is pursuing their fiduciary responsibilities and reviewing the proposal with the best interests of Read-Rite shareholders in mind," said Steve Polcyn, spokesman for Read-Rite.
March 8, 1997 |
Applied Magnetics Corp. said Friday that it won't raise its $1.23-billion hostile offer for larger rival Read-Rite Corp. That could kill the transaction, because many Read-Rite shareholders are likely to reject the current terms of the stock-swap offer as too low, analysts said. "It probably means there's no deal," said analyst Barry Bosak of Smith Barney. Applied Magnetics, based in Goleta, Calif., is hoping that its stock price will increase, boosting the value of the deal.
March 4, 1997 |
Read-Rite Corp. said Monday it rejected an unsolicited takeover bid from Applied Magnetics Corp., a rival maker of computer disk drive parts, after the stock offer's value plunged from $1.76 billion to $1.22 billion. The companies both make computer disk drive heads, which read and write information on computer storage devices. The combined companies would have $1.8 billion in annual sales and equity worth $3.4 billion.
February 25, 1997 |
Applied Magnetics Corp. made an unsolicited $1.76-billion stock bid for rival Read-Rite Corp. in a deal that would create one of the world's largest makers of heads for computer disk drives. Applied Magnetics, with about 900 employees, is far smaller than Read-Rite, which has about 20,000 workers. But Read-Rite has struggled in recent quarters and recorded a loss of $43 million for 1996.
March 8, 1987
Goleta-based Applied Magnetics Corp. gave CEO Ben J. Newitt the additional title of vice chairman. Succeeding him as president is William R. Anderson, whose previous post was executive vice president and chief operating officer. Harold R. Frank continues as chairman. O. M. Fundingsland was promoted to executive vice president-sales and marketing of Applied Magnetics, which manufactures magnetic recording heads for the computer industry.