Seagate Technology, Inc. and Conner Peripherals, Inc. Reach Definitive
Agreement to Merge

SCOTTS VALLEY, Calif.--Oct. 3, 1995--Seagate Technology, Inc. (NYSE:SEG)
and Conner Peripherals, Inc. (NYSE:CNR) today jointly announced that they
have signed a definitive agreement to combine the two companies.

Pursuant to the agreement, the stockholders of Conner will receive a 0.442
share of Seagate common stock for each share of Conner common stock. The
transaction will be accounted for as a pooling of interests. In addition,
Seagate has the option to purchase up to 15% of Conner common stock
outstanding at an exercise price of $17.90 per share. The option is
exercisable in the event a third party acquires a 20% share ownership of
Conner, or commences a tender offer for Conner shares, or Conner enters
into a merger agreement with a third party.

The transaction has been approved by the Boards of Directors of both
companies, but is still subject to normal conditions of closing,
stockholder approval of both companies and the required regulatory
approvals.
 
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