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| Overland Storage Shareholders Approve Acquisition of Tandberg Data | |
| Posted: Tue Jan 21, 2014 02:58:32 PM | |
 SAN DIEGO, CA -- January 21, 2014 -- Overland Storage (NASDAQ: OVRL), a trusted global provider of unified data management and data protection solutions across the data lifecycle, today announced that it has received the shareholder votes necessary to complete its acquisition of Tandberg Data Holdings S.a r.l., a privately held global leader of data storage and data protection solutions. All proposals subject to a shareholder vote at Overland's special meeting of shareholders held on January 16, 2014 were approved at such meeting. Eric Kelly, president and CEO of Overland Storage, commented, "We are delighted the Overland Storage shareholders approved the acquisition of Tandberg Data. The transaction was overwhelmingly approved by our shareholders with 99.8% of the votes cast in favor of the matters required to complete the acquisition. With the combination, we will expand our number of global channel and service partners, and offer one of the most extensive and complementary product lines and service offerings in the enterprise storage industry. The acquisition will expand our reach in APAC, Europe and the Middle East, and will allow us to leverage our world-class manufacturing facility in China to improve operational efficiencies and meet customer demand." The leadership team of Overland following the closing will consist of experienced and accomplished executives:
As part of the agreement, Overland will add two new board members, expanding its board of directors to seven. |