UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED): MARCH 14, 1997
APPLIED MAGNETICS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-6635 95-1950506
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation
75 ROBIN HILL ROAD
GOLETA, CALIFORNIA 93117
(Address of Principal Executive Offices)
REGISTRANT'S TELEPHONE NUMBER,
INCLUDING AREA CODE: (805) 683-5353
Exhibit Index on Page 3
Page 1 of 4
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Item 5 OTHER EVENTS
Attached hereto as Exhibit 99.1 is the Press Release dated March 14,
1997 announcing the withdrawal of the proposed exchange tender offer and
proposed consent solicitation by Applied Magnetics Corporation to the
stockholders of Read-Rite Corporation (the "Exchange Tender Offer").
Item 7 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit No. Description of Exhibit
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99.1 Press Release dated March 14, 1997 announcing the withdrawal
of the proposed Exchange Tender Offer and proposed consent
solicitation.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
APPLIED MAGNETICS CORPORATION
By: /s/ Craig D. Crisman
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Craig D. Crisman
Chairman of the Board and
Chief Executive Officer
(Principal Financial Officer)
Dated: March 14, 1997
Page 2 of 4
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INDEX TO EXHIBITS
Sequentially
Exhibit Numbered
Number Description of Exhibit Page
- ------- ---------------------- ------------
99.1 Press Release dated March 14,
1997 announcing the withdrawal
of the proposed Exchange Tender
Offer and proposed consent
solicitation. 4
Page 3 of 4
<PAGE>
EXHIBIT 99.1
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[Logo] Applied Magnetics NEWS RELEASE
FOR IMMEDIATE RELEASE
Contacts:
Media Investors and Analysts
- ----- ----------------------
Robinson Lerer & Montgomery: MacKenzie Partners, Inc.
David Allan Lawrence E. Dennedy
212-484-7781 212-929-5239
Michael Bulger John K. Kelly
212-484-7413 310-284-5239
APPLIED MAGNETICS CORPORATION
WITHDRAWS OFFER FOR READ-RITE
Goleta, CA, March 14, 1997 -- Applied Magnetics Corporation (NYSE: APM)
announced today that it is withdrawing its proposal for a business combination
with Read-Rite Corporation (NASDAQ:
RDRT).
"Our intention in proposing this transaction was to create value
for the shareholders of both companies," said Applied Magnetics
Chief Executive Officer Craig D. Crisman. "Although we continue
to believe the strategic rationale for this combination is
compelling, we recognize that based on the current value of
Applied Magnetics' common stock the transaction is not feasible."
Crisman added, "Over the past two years, we've accomplished a dramatic
turnaround at Applied Magnetics. We enjoy a strong market position and expect
to deliver successfully on our business plan."
Applied Magnetics Corporation (APM) is a leading independent supplier of
magnetic recording disk heads and head stack assemblies for rigid disk drives.
APM supplies advanced thin film and magnetoresistive (MR) products to the
world's top disk-drive makers. The Company commits substantial resources to
technology and product development to meet continuous demands for higher
performance disk heads.
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