-Reminiscence storage gadgets maker Western Digital Corp mentioned on Tuesday it's reviewing strategic options, together with choices for splitting off its flash-memory and HDD companies.
The announcement comes a month after outstanding activist investor Elliott Administration disclosed a stake of practically $1 billion within the firm and pushed it to separate its flash and hard-drive enterprise. Elliott owns roughly 6% within the California-based firm.
New York-based Elliott had additionally mentioned it provided over $1 billion of incremental fairness capital into Western Digital’s Flash enterprise at an enterprise worth of $17 billion to $20 billion.
“By means of this course of, we're actively participating in a broad vary of strategic and monetary options that may assist additional optimize the worth of Western Digital, together with Elliott’s provide to speculate incremental fairness capital in our Flash Enterprise,” Western Digital Chief Govt Officer David Goeckeler mentioned in an announcement.
Elliott is ready to offer further capital to assist Western Digital “notice the complete worth of each of its companies”, Elliott Managing Associate Jesse Cohn and Senior Portfolio Supervisor Jason Genrich mentioned.
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