Adaptec 2001 Annual Report Download - page 64

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64
switches in applications ranging from the enterprise to the core of the Internet. Under the
terms of the agreement, approximately 4,800,000 shares of common stock were exchanged and
options assumed to acquire AA Netcom.
PM C-Sierra recorded merger-related transaction costs of $7.4 million related to the acquisition
of AANetcom. These charges, which consisted primarily of investment banking and other
professional fees, w ere included under costs of merger in the Consolidated Statements of
Operations for the year ended December 31, 2000.
Acquisition of Toucan Technology Ltd.
In January 2000, the Company acquired Toucan Technology Ltd., a privately held integrated
circuit design company located in Ireland. Toucan offered expertise in telecommunications
semiconductor design. At December 31, 1999, the Company owned seven per cent of Toucan
and purchased the remainder for approximately 300,000 shares of common stock and stock
options.
PM C-Sierra recorded merger-related transaction costs of $534,000 related to the acquisition of
Toucan. These charges, which consisted primarily of legal and accounting fees, w ere included
under costs of merger in the Consolidated Statements of Operations for the year ended
December 31, 2000.
The acquisitions of SwitchOn, QED, Extreme, AAN etcom and Toucan were accounted for as
poolings of interests and accordingly, all prior periods have been restated.