ISS Recommends That Lexar Media, Inc. Stockholders Vote ''For'' Proposed Merger With Micron Technology, Inc.
22 Maggio 2006 - 2:00PM
Business Wire
Lexar Media, Inc. (Nasdaq:LEXR) today announced that Institutional
Shareholder Services (ISS) has recommended that Lexar stockholders
vote "FOR" the proposed merger with Micron Technology, Inc.
(NYSE:MU) at Lexar's June 2, 2006 special meeting of stockholders.
ISS is a leading independent U.S. proxy advisory firm and its
voting analyses and recommendations are relied upon by hundreds of
major institutional investment funds, mutual funds and fiduciaries
throughout the country. "We are pleased that ISS has recommended
that Lexar stockholders vote FOR our proposed merger with Micron,"
said Eric Stang, Lexar's Chairman, Chief Executive Officer and
President. "Our Board of Directors, with the assistance of our
financial and legal advisors, conducted an extensive and thorough
exploration of Lexar's strategic alternatives, and unanimously
concluded that the proposed merger with Micron is the best
alternative for Lexar and its stockholders. We urge all Lexar
stockholders to vote FOR the proposed merger with Micron today." On
March 8, 2006, Lexar and Micron entered into a definitive merger
agreement under which Micron would acquire all of the outstanding
common stock of Lexar in a stock-for-stock merger. On April 25,
2006, the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, in connection with Micron's
proposed acquisition of Lexar, expired. The transaction is expected
to close as soon as practicable after the special meeting. Lexar
stockholders are encouraged to read the definitive proxy
statement/prospectus relating to the proposed merger in its
entirety as it provides, among other things, a detailed discussion
of the process that led to the proposed merger and the reasons
behind Lexar's Board of Directors' unanimous recommendation that
Lexar stockholders vote FOR the adoption of the merger agreement.
About Lexar Media, Inc. Lexar is a leading marketer and
manufacturer of NAND flash memory products including memory cards,
USB flash drives, card readers and ATA controller technology for
the digital photography, consumer electronics, industrial and
communications markets. Lexar holds over 98 issued or allowed
controller and system patents, and licenses its technology to
companies including Olympus Corporation, Samsung Electronics Co.,
Ltd., SanDisk Corporation and Sony Corporation. Lexar sells its
memory cards worldwide and through an exclusive agreement, also
sells memory cards under the Kodak(R) brand. Headquartered in
Fremont, California, Lexar has operations in countries around the
world. More information is available at www.lexar.com. Lexar and
the Lexar logo are trademarks of Lexar Media, Inc. All other
trademarks are the property of their respective owners. Cautionary
Note Regarding Forward-Looking Statements This press release
contains forward-looking statements that involve risks and
uncertainties concerning Micron's proposed acquisition of Lexar
Media, Inc., including the timing of the special meeting of Lexar
stockholders and the completion of the proposed merger. Actual
events or results may differ materially from those described in
this press release due to a number of risks and uncertainties. The
potential risks and uncertainties include, among others, the
possibility that the transaction will not close or that the closing
may be delayed. Readers should also refer to the risk factors
described in Lexar's filings with the SEC, including Lexar's most
recently filed Form 10-Q, as well as the risk factors contained in
the definitive proxy statement/prospectus relating to the proposed
merger with Micron. Lexar assumes no obligation to update the
information in this release. Additional Information About the
Merger and Where to Find It Micron has filed a registration
statement on Form S-4 (Registration No. 333-132757), as amended,
containing a definitive proxy statement/prospectus and other
relevant materials in connection with the proposed acquisition of
Lexar by Micron. On May 4, 2006, the definitive proxy
statement/prospectus was mailed to Lexar stockholders of record as
of the close of business on April 28, 2006. Investors and security
holders of Lexar are urged to read the definitive proxy
statement/prospectus and the other relevant materials because they
contain important information about Micron, Lexar and the proposed
merger. The definitive proxy statement/prospectus and other
relevant materials, and any other documents filed by Micron or
Lexar with the SEC, may be obtained free of charge at the SEC's web
site at www.sec.gov. In addition, investors and security holders
may obtain free copies of the documents filed with the SEC by
Micron by contacting Micron Investor Relations, Kipp Bedard,
208-368-4465. Investors and security holders may obtain free copies
of the documents filed with the SEC by Lexar by contacting Lexar
Chief Financial Officer, Michael Scarpelli, 510-580-8730. Investors
and security holders of Lexar are urged to read the definitive
proxy statement/prospectus and the other relevant materials before
making any voting or investment decision with respect to the
proposed merger.
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