CUPERTINO and MOUNTAIN VIEW, Calif. - Jan. 27, 2005 - Symantec Corp. (Nasdaq: SYMC) and VERITAS Software Corp. (Nasdaq: VRTS) today announced that the 30-day waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act concerning the proposed merger of Symantec and VERITAS expired on Jan. 26, 2005 at 11:59 p.m. EST. Completion of the transaction, expected during the second calendar quarter, still requires satisfaction of certain conditions, including obtaining shareholder approvals of both companies and completion of regulatory approvals in certain other jurisdictions.
The companies announced on Dec. 16, 2004 a definitive agreement to merge in an all-stock transaction. Under the agreement, VERITAS stock will be converted into Symantec stock at a fixed exchange ratio of 1.1242 shares of Symantec common stock for each outstanding share of VERITAS common stock. Upon closing, Symantec shareholders will own approximately 60 percent and VERITAS shareholders approximately 40 percent of the combined company. The transaction is expected to be tax-free to shareholders of both companies for U.S. federal income tax purposes.
About VERITAS Software
VERITAS Software, one of the 10 largest software companies in the world, is a leading provider of software 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, minimizing hardware and labor costs. With 2003 revenues of $1.75 billion, VERITAS delivers products and services for data protection, storage and 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 world leader in providing solutions to help individuals and enterprises assure the security, availability, and integrity of their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
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