(credit: Brett Farmiloe)
Western Digital has reaffirmed its plans to buy SanDisk, even though the deal suffered a major blow after a would-be Chinese investor bowed out of the multi-billion dollar bid.
The storage giant said it would now pick up the tab in a cash and stock deal valued at £11.2 billion (~$15.8 billion). It said in a statement that shareholders would receive the "alternative merger consideration," after an agreement with China's Unisplendour Corporation disintegrated amid US government concerns about national security.
The US foreign investment committee had confirmed plans to probe the proposed £2.7 billion ($3.8 billion) deal, which would have given Unis a 15 percent stake in the merger. Western Digital said the new agreement—sans Unis—had valued SanDisk at £55.64 ($78.50) per share, based on WD's closing share price on February 22.
Read 5 remaining paragraphs | Comments
No comments:
Post a Comment