Seagate Settlement Approved

Seagate Technology Inc., the world’s largest computer disk-drive maker, won a judge’s approval to settle a lawsuit brought by shareholders over a $20-billion inside acquisition. California venture capitalist Roger McNamee, Texas financier David Bonderman and some managers said in March 2000 that they would take the company private for $2 billion, while Veritas Software Corp. offered $18 billion for the third of its shares owned by Seagate. Seagate shareholders sued in Delaware Chancery Court, challenging the initial offer of $5 in cash and 0.467 Veritas share for each Seagate share. The buyers later raised their total offer by $50 million to settle the suit. Shares of Scotts Valley, Calif.-based Seagate last traded at $49.50 in November. Mountain View, Calif.-based Veritas rose $3.52 to close at $48.34 on Nasdaq.