Sanmina and SCI Systems Announce Merger
Sanmina Corporation and SCI Systems Inc. announced on Monday that they have entered into a definitive merger agreement in which each outstanding share of SCI common stock will be converted into 1.36 shares of Sanmina common stock.
Based on Sanmina’s closing price of $22.14 on July 13, 2001, the transaction is valued at $30.11 per share of SCI common stock, or approximately $6.0 billion in the aggregate including the assumption of debt. The merger is expected to be a tax-free exchange of common shares. The transaction, which is subject to the approval of Sanmina’s and SCI’s stockholders and certain U.S. and international regulatory authorities, is expected to close either late in Sanmina’s fiscal fourth quarter or at the beginning of its first fiscal quarter of 2002, subject to timing of completion of regulatory review.
For more information, visit www.sanmina.com, or www.sci.com.