BTIG Upgrades SanDisk (SNDK) to Neutral
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October 21, 2015 8:43 AM EDT
Jefferies reiterated a Buy rating on Western Digital Corp. (NASDAQ: WDC), and cut the price target to $111.00 (from $116.00), ahead of possible merger with Sandisk (NASDAQ: SNDK). Bloomberg has reported that WDC may acquire SNDK for... More
October 21, 2015 7:37 AM EDT
By Devika Krishna Kumar and Abhirup Roy
(Reuters) - Hard-disk drive maker Western Digital Corp (NASDAQ: WDC) agreed to buy SanDisk Corp (NASDAQ: SNDK) in a $19 billion deal that will increase its ability to make flash memory storage chips used in smartphones and tablets.
SanDisk shares hit a high of $78.50 on Wednesday, but closed nearly $10 below the offer price of $86.50 in cash and stock, a fact that analysts attributed to the deal's complexity.
Western Digital said the value of the transaction hinges on... More
October 21, 2015 7:31 AM EDT
Western Digital® Corporation (NASDAQ: WDC) and SanDisk Corporation (NASDAQ: SNDK) today announced that they have entered into a definitive agreement under which Western Digital will acquire all of the outstanding shares of SanDisk for a combination of cash and stock. The offer values SanDisk common stock at $86.50 per share or a total equity value of approximately $19 billion, using a five-day volume weighted average price ending on October 20, 2015 of $79.60 per share of Western Digital common stock. If the previously announced investment in Western Digital by Unisplendour Corporation Limited closes... More
