Directors Approve Merger: Directors of Archive Corp....

Directors Approve Merger: Directors of Archive Corp. and Conner Peripherals Inc. have approved the acquisition of all outstanding shares of Archive common stock by Conner for $11.25 per share, the companies announced on Tuesday. The estimated value of the deal is $175 million to $180 million, said B.J. Rone, chief financial officer of Archive. Additionally, it is expected that Conner will assume Archive’s long-term debt of more than $115 million. Rone said Archive, based in Costa Mesa, will become an independent subsidiary, and the management team of Archive is expected to stay on with Conner. The companies said a definitive merger agreement should be completed by the close of business today.