SanDisk Announces Final Regulatory Approval for Acquisition by Western Digital
Acquisition expected to close on May 12, 2016
SanDisk Corporation (NASDAQ: SNDK) today announced that the Ministry of Commerce of China (“MOFCOM”) has approved the
acquisition of SanDisk by Western Digital Technologies, Inc., a wholly-owned subsidiary of Western Digital Corporation (NASDAQ:
WDC).
All necessary regulatory approvals for the acquisition have now been received and the transaction is expected to close on
Thursday, May 12, 2016. SanDisk stockholders previously voted to approve the transaction at a special meeting of stockholders held
on March 15, 2016.
“We are pleased that the final regulatory approval has been received and we can now proceed with the planned combination with
Western Digital,” said Sanjay Mehrotra, president and chief executive officer, SanDisk. “We thank our stakeholders for their
support of this transaction and look forward to contributing to the success of Western Digital as it transforms into the leading
storage solutions company.”
ABOUT SANDISK
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions. For
more than 27 years, SanDisk has expanded the possibilities of storage, providing trusted and innovative products that have
transformed the electronics industry. Today, SanDisk’s quality, state-of-the-art solutions are at the heart of many of the world’s
largest data centers, and embedded in advanced smartphones, tablets and PCs. SanDisk’s consumer products are available at hundreds
of thousands of retail stores worldwide. For more information, visit www.sandisk.com.
© 2016 SanDisk Corporation. All rights reserved. SanDisk and the SanDisk logo are trademarks of SanDisk Corporation, registered
in the United States and other countries. Other brand names mentioned herein are for identification purposes only and may be the
trademarks of their respective holder(s).
FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this document, other than statements or characterizations of historical
fact, are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based
on SanDisk’s current expectations, estimates and projections about the proposed merger, its business and industry, management’s
beliefs, and certain assumptions made by SanDisk and Western Digital Corporation, all of which are subject to change.
Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,”
“believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar
expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited
to, references to the anticipated benefits of the proposed merger and the expected date of closing of the merger with Western
Digital Technologies, Inc.’s wholly-owned subsidiary, Schrader Acquisition Corporation. These forward-looking statements are not
guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ
materially and adversely from those expressed in any forward-looking statement.
Important risk factors that may cause such a difference in connection with the proposed merger include, but are not limited to,
the following factors: (1) the failure to satisfy conditions to completion of the merger; (2) uncertainties as to the timing of the
consummation of the merger and the ability of each party to consummate the merger; (3) risks that the proposed merger disrupts the
current plans and operations of Western Digital or SanDisk; (4) the ability of Western Digital and SanDisk to retain and hire key
personnel; (5) competitive responses to the proposed merger; (6) unexpected costs, charges or expenses resulting from the merger;
(7) the outcome of any legal proceedings that could be instituted against Western Digital, SanDisk or their respective directors
related to the merger agreement; (8) potential adverse reactions or changes to business relationships resulting from the
announcement or completion of the merger; (9) the inability to obtain, or delays in obtaining, cost savings and synergies from the
merger; (10) delays, challenges and expenses associated with integrating the combined companies’ existing businesses and the
indebtedness planned to be incurred in connection with the merger; and (11) legislative, regulatory and economic developments.
These risks, as well as other risks associated with the proposed merger, are more fully discussed in the joint proxy
statement/prospectus that is included in the Registration Statement on Form S-4 filed with the Securities and Exchange Commission
(“SEC”) in connection with the proposed merger. The forward-looking statements in this document speak only as of the date of the
particular statement. Neither SanDisk nor Western Digital undertakes any obligation to revise or update publicly any
forward-looking statement to reflect future events or circumstances.
In addition, actual results are subject to other risks and uncertainties that relate more broadly to SanDisk’s overall business,
including those more fully described in SanDisk’s filings with the SEC including its annual report on Form 10-K for the fiscal year
ended January 3, 2016 and its quarterly reports filed on Form 10-Q for fiscal year 2016, and Western Digital’s overall business and
financial condition, including those more fully described in Western Digital Corporation’s filings with the SEC including its
annual report on Form 10-K for the fiscal year ended July 3, 2015 and its quarterly reports filed on Form 10-Q for the current
fiscal year.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation
of any vote or approval. Western Digital Corporation filed with the SEC a Registration Statement on Form S-4 which includes a joint
proxy statement/prospectus of SanDisk and Western Digital. The Registration Statement on Form S-4 was declared effective on
February 5, 2016. Each of SanDisk and Western Digital Corporation have provided the joint proxy statement/prospectus to their
respective stockholders. SanDisk and Western Digital Corporation also plan to file other documents with the SEC regarding the
proposed merger. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other
document which SanDisk or Western Digital Corporation may file with the SEC in connection with the proposed merger. INVESTORS AND
SECURITY HOLDERS OF SANDISK AND WESTERN DIGITAL CORPORATION ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER
RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. You may obtain copies of all documents filed with the SEC regarding this
merger, free of charge, at the SEC’s website (www.sec.gov). In addition, copies of the documents filed with the SEC by SanDisk will be available free of
charge on SanDisk’s website at http://www.sandisk.com. Copies of the documents filed with the SEC by Western Digital Corporation will be
available free of charge on Western Digital’s website at http://www.westerndigital.com.
SanDisk Corporation
Investor Contacts:
Jay Iyer, 408-801-2067
jay.iyer@sandisk.com
Brendan Lahiff, 408-801-1732
brendan.lahiff@sandisk.com
or
Media Contact:
Carol Kurimsky, 408-801-1390
carol.kurimsky@sandisk.com
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