Computer Memories, Hemdale Film to Merge

Hemdale Film Corp. and Computer Memories Inc. reached a merger agreement that would create a new company controlled by Hemdale, a Los Angeles company that produced the movies “Platoon” and “Hoosiers.”

Computer Memories, in Chatsworth, is a one-time maker of computer disk drives that liquidated most of its assets following IBM’s decision in 1985 to stop buying its products. Computer Memories’ principal asset today is $24.6 million in cash.

Although Computer Memories technically is acquiring Hemdale, Hemdale will own 78% of the newly merged company. The deal in effect enables Hemdale to go public, and gain access to Computer Memories’ cash, without having to pay the fees or submit the government filings that would be required in an initial public stock offering.

The companies, which disclosed their merger plans last March, said they expected to close the deal in late September. The transaction remains subject to approval by Computer Memories’ stockholders.