Stockholders Approve Symantec And Veritas Merger
Symantec And Veritas Stockholders Overwhelmingly Approve Merger
Symantec Corp. (Nasdaq: SYMC) and VERITAS Software Corp. (Nasdaq: VRTS) today announced that their respective stockholders have approved matters relating to the proposed merger between the two companies at the special meetings of stockholders held today. Of the 76 percent of outstanding Symantec shares that were voted, nearly 95 percent were cast in favour of the merger. Of the 73 percent of outstanding VERITAS shares that were voted, 98 percent were cast in favour of the merger. Pursuant to the terms of the merger agreement, each share of VERITAS common stock will be exchanged for 1.1242 shares of Symantec common stock on the closing of the merger.
Symantec stockholders also approved an increase in the authorised number of shares of Symantec common stock to three billion shares. The merger is expected to close on July 2, 2005.
About VERITAS Software
VERITAS Software, one of the 10 largest software companies in the world, is a leading provider of software and services to enable utility computing. In a utility computing model, IT resources are aligned with business needs, and business applications are delivered with optimal performance and availability on top of shared computing infrastructure, minimising hardware and labour costs. With 2004 revenue of US$2.04 billion, VERITAS delivers products and services for data protection, storage & server management, high availability and application performance management that are used by 99 percent of the Fortune 500. More information about VERITAS Software can be found at www.veritas.com.
Symantec is the global leader in information security providing a broad range of software, appliances and services designed to help individuals, small and mid-sized businesses and large enterprises secure and manage their IT infrastructure. Symantec’s Norton brand of products is the worldwide leader in consumer security and problem-solving solutions. Headquartered in Cupertino, Calif., Symantec has operations in more than 35 countries. More information is available at http://www.symantec.com.
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Symantec and the Symantec logo are trademarks or registered trademarks, in the United States and certain other countries, of Symantec Corporation. Additional company and product names may be trademarks or registered trademarks of the individual companies and are respectfully acknowledged.
VERITAS Software and the VERITAS Software logo are trademarks or registered trademarks of VERITAS Software Corporation or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, including with regard to the expected closing date of the pending merger between Symantec and VERITAS, that involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from results expressed or implied by this press release. Additional information concerning our respective risk factors is contained in the Risk Factors sections of Symantec’s and VERITAS’ most recent periodic reports filed with the SEC on Forms 10-K or 10-Q.