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Levi & Korsinsky Investigates Xyratex

In relation with sale to Seagate

Levi & Korsinsky, LLP is investigating the board of directors of Xyratex Ltd. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the company to Seagate Technology plc.

Under the terms of transaction, Xyratex shareholders will receive $13.25 in cash for each share of Xyratex stock they own. The transaction has a total approximate value of $374 million.

The investigation concerns whether the Xyratex board of directors breached their fiduciary duties to stockholders by failing to adequately shop the company before agreeing to enter into this transaction, and whether Seagate is underpaying for Xyratex shares. In particular at least one analyst set a price target for Xyratex stock at $14.00 per share.

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