Denver – Storage Technology Corp. shareholders overwhelmingly agreed today to accept a $4.1 billion takeover by Sun Microsystems Inc.
About 99 percent of the shares were voted in favor of the acquisition during a special shareholders meeting in New York. The Louisville, Colo.-based computer storage manufacturer said shareholders owning about 71.6 percent of the 108.4 million outstanding shares as of the July 26 record date participated in the ballot.
The agreement is expected to close Wednesday.
The companies have not said whether the merger will result in layoffs or consolidations of facilities, but analysts expect some cuts to avoid duplication in support and administrative areas.
Santa Clara, Calif.-based Sun has agreed to pay $37 a share in cash for StorageTek, which includes the assumption of StorageTek employee stock options. It represents a 14.6 percent premium over the closing price of StorageTek stock on May 31, the day before the merger agreement was executed.
The StorageTek acquisition is part of Sun’s plan to revitalize its business. Sun also has agreed to buy SeeBeyond Technology Corp., a business-integration software manufacturer, for $387 million in cash in a deal expected to close in the fall.
StorageTek, founded in 1969, makes tape drives and network management and backup software for businesses and government agencies.
StorageTek’s stock was up 1 cent, or 0.03 percent, at $36.98 a share in early trading today on the New York Stock Exchange.
Sun’s stock dipped 4 cents, or 1.2 percent, to $3.67 a share on the Nasdaq Stock Market.
