SYNNEX Corporation Stockholders Approve Merger with Tech Data
SYNNEX Corporation (NYSE: SNX) stockholders have approved the merger with Tech Data, as announced during a special meeting held on June 30, 2021. The merger is subject to regulatory approvals and customary closing conditions, with completion expected in the second half of 2021. CEO Dennis Polk expressed gratitude to shareholders for their support. The merger aims to enhance SYNNEX's distribution, systems design, and integration services in the technology industry, potentially expanding market reach and operational efficiency.
- Merger approval enhances market position and distribution capabilities in technology.
- Expected synergies from the merger could improve operational efficiencies.
- Merger remains subject to regulatory approvals, posing potential delays.
- Financial risks associated with substantial transaction costs and legal uncertainties.
FREMONT, Calif., June 30, 2021 /PRNewswire/ -- SYNNEX Corporation (NYSE: SNX), a leading provider of distribution, systems design and integration services for the technology industry, today announced that, based on the voting results from its special meeting held today, SYNNEX stockholders have approved the previously announced merger agreement with Tech Data.
"We would like to thank our shareholders for their full support of this merger," said Dennis Polk, CEO of SYNNEX. "We look forward to completing the remaining steps to close this transaction."
Approval by SYNNEX stockholders is a condition to the closing of the merger. The transaction remains subject to the satisfaction of regulatory approvals and customary closing conditions and is expected to close in the second half of calendar year 2021.
About SYNNEX
SYNNEX Corporation (NYSE: SNX) is a Fortune 200 corporation and a leading provider of a comprehensive range of distribution, systems design and integration services for the technology industry to a wide range of enterprises. Founded in 1980, SYNNEX Corporation operates in numerous countries throughout North and South America, Asia-Pacific and Europe. Additional information about SYNNEX may be found online at synnex.com.
Safe Harbor Statement
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to SYNNEX' merger with Tech Data. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect the financial or operating results of SYNNEX or the combined company. These forward-looking statements may be identified by terms such as "anticipate", "believe", "foresee", "expect", "intend", "plan", "may", "will", "could" and "should" and the negative of these terms or other similar expressions. Forward-looking statements in this document include, among other things, statements about the expected timing of the closing of the acquisition. These forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the satisfaction of the conditions to closing the acquisition (including the failure to obtain necessary regulatory approval) in the anticipated timeframe or at all; the unfavorable outcome of any legal proceedings that have been or may be instituted against SYNNEX, Tech Data or the combined company; negative effects of this announcement or the consummation of the proposed acquisition on the market price of the capital stock of SYNNEX, and on SYNNEX' and Tech Data's operating results; significant transaction costs, fees, expenses and charges; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed acquisition; the financing of the transaction; other business effects, including the effects of industry, market, economic, political, regulatory or world health conditions (including new or ongoing effects of the COVID-19 pandemic); future exchange and interest rates; changes in tax and other laws, regulations, rates and policies; future business combinations or disposals; and competitive developments. A further description of risks and uncertainties relating to SYNNEX can be found in its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are filed with the SEC and available at www.sec.gov. SYNNEX does not assume any obligation to update the forward-looking statements contained in this document as the result of new information or future events or developments.
Copyright 2021 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.
Investor Contact:
Liz Morali
Investor Relations
SYNNEX Corporation
IR@synnex.com
(510) 668-8436
SNX-G
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SOURCE SYNNEX Corporation
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