A major Maxtor shareholder, Hynix announced on Oct. 4 that it had priced 20.8 million shares of its stock in Maxtor for sale at $4 each. The deal closed Oct. 10.
“It was basically an underwritten sale by a selling stockholder,” said Alan Kalin, a partner at McCutchen, which served as outside counsel to Hynix in the deal. “It was done to allow Hynix to sell a block of stock that was too large to move into the market through normal trading mechanics.”
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