Advanced Digital Soars on Quantum Deal
San Jose, Calif.-based Quantum said the deal will create a data storage giant and add 15 cents to its earnings in the first full year after closing, which is expected in three or four months. Quantum shares fell 10%.
Advanced Digital shareholders will get $12.25 per share in cash, with the right to elect 3.461 Quantum shares instead. The stock election is subject to pro-ration such that Quantum will issue no more than 10% of the total merger consideration in Quantum stock.
On Wednesday, Advanced Digital rose $3.63 to $11.90 and Quantum dropped 36 cents to $3.12.
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