Sirius, Hypertec announce merger intentions
- — 16 March, 1999 21:49
Modem company Sirius Technologies and memory-maker Hypertec could merge into a single entity by June 30, the companies have announced.
The companies signed a non-binding heads of agreement last week, detailing the possible merger of operations. A binding merger agreement could be arrived at before the end of this month, Sirius and Hypertec announced, but will be subject to regulatory and shareholder approvals.
Pending completion of the merger, the new company will issue additional stocks in an attempt to raise $4 million in equity for the financing of further growth, a statement from Hypertec reads.
Complementary product lines and an avenue for Sirius to move into overseas markets, have been cited as reasons for the merger.