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October 27, 1995

MAXTOR TURNS DOWN OFFER FOR REST OF COMPANY FROM HYUNDAI GROUP

By CBR Staff Writer

Hyundai Electronics Industries Co Ltd has decided to stop pussyfooting around with disk maker Maxtor Corp, where its stake currently stands at 37%, and to seek to buy the company outright – and Maxtor is keen to keep what is left of its independence. Maxtor says that discussions have started and are ongoing with Hyundai on acquisition of all the outstanding shares, but a special committee of the board composed entirely of non-management directors not affiliated with Hyundai has decided not to accept the offer. The parties are considering their options for further negotiations and Maxtor says there can be no assurance that any agreement can be reached between the parties.

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