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HTI, TDK Merger Moves Forward

Published: 22 September 2016
 by Chelsey Drysdale

HUTCHINSON, MN – A proposed merger between TDK and Hutchinson Technology advanced yesterday when a federal agency waived a mandatory waiting period.

The US Federal Trade Commission said it granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The merger between flex circuit maker Hutchinson Technology and a wholly owned subsidiary of TDK is currently expected to close no later than Oct. 5, subject to other customary closing conditions set forth in the merger agreement.

As of Aug. 21, HTI has about $47.1 million in cash. Based on HTI's net cash position, TDK would acquire all outstanding shares of common stock of HTI for total consideration of $4 per share.

 

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