History (1996): Maxtor Entirely Under Control of Hyundai

Maxtor (San Jose, CA) has come entirely under the control of Hyundai.

On January 5, the US subsidiary of the Korean conglomerate, Hyundai Electronics America or HEA (Milpitas, CA) completed its cash tender offer for any and all outstanding shares of common stock of Maxtor (at $6.70 per share).

Two days prior, Maxtor announced that it established a $100 million bridge financing facility with HEA. This sum, in conjunction with another $100 million unsecured revolving credit facility arranged by CityCorp Securities in 1995, will provide Maxtor with up to $200 million of credit.

This article is an abstract of news published on the former paper version of Computer Data Storage Newsletter on issue 96, published on January 1996.