Seagate (STX) to Explore Going Private After Preliminary Interest; Shares Surge
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Seagate Technology plc (NASDAQ: STX) announced Thursday that it has received preliminary interest in transaction to go private.
The company confirmed that it is in discussions with the party from whom it received interest and the company's board of directors is evaluating indication of interest from the party and other possible strategic alternatives.
The company said that it will provide no additional information will take place.
UPDATE: We are now hearing that KKR could be working with TPG on the potential PE deal.
Shares of Seagate are up 20.41 percent to $15.25 in aftermarket movement on Thursday.
Shares of rival Western Digital Corp. (NYSE: WDC) are soaring after the bell on the news, up nearly 10.04 percent to $32.39.
The company confirmed that it is in discussions with the party from whom it received interest and the company's board of directors is evaluating indication of interest from the party and other possible strategic alternatives.
The company said that it will provide no additional information will take place.
UPDATE: We are now hearing that KKR could be working with TPG on the potential PE deal.
Shares of Seagate are up 20.41 percent to $15.25 in aftermarket movement on Thursday.
Shares of rival Western Digital Corp. (NYSE: WDC) are soaring after the bell on the news, up nearly 10.04 percent to $32.39.
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