Western Digital Corporation rallied 8.14% today on news that its main rival Seagate Technology has received an offer to go private. Reports claim that this would be the largest LBO of the year if the deal were to go through. There have been no official releases from Western Digital on who made the offer, however Western Digital has confirmed that they have hired Morgan Stanley and Perella Weinberg Partners for financial and legal advice.
This news break has comes at an interesting time for UASBIG, as our Tech/Telecomm analysts have demonstrated hesitation on WDC’s ability to compete with Seagate. This coming weekend will leave time for UASBIG to further evaluate the situation before market open on Monday.
~Chad
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