Elliott Sends Letter To Board Of Western Digital; Calls For Full Strategic Review

Elliott Investment Management L.P., which manages funds that have investment in Western Digital Corporation (WDC), sent a letter to the Board of Western Digital. The letter called on the Board to conduct a full strategic review of the value that could be created by separating its two businesses, hard disk drives and NAND flash memory. Through separation, Elliott believes Western Digital's stock price could reach $100+ per share by the end of 2023.

Also, Elliott is offering $1+ billion of incremental equity capital into the Flash business at an enterprise value of $17 to $20 billion, to be utilized either in a spin-off transaction or as equity financing in a sale or merger with a strategic partner.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Specialty athletic retailer Foot Locker, Inc. reported Friday a second-quarter net profit that plunged from last year, hurt by a sales decline amid markdowns. Quarterly sales met Street estimates. The company also trimmed it adjusted earnings and sales growth guidance for the full-year 2022. Google's hundreds of employees have signed a petition sent to executives demanding extension of abortion care benefits to contract workers. The workers also called to halt donations given to anti-abortion politicians and to expand travel benefits. The petition, circulated by the Alphabet Workers Union, has been signed by over 650 employees at Google's parent company Alphabet Inc. Apple Inc. has released an emergency security update noting that some of its iPhones, iPads and Macs had certain vulnerabilities. The tech major said the flaws potentially allow full admin access to devices. The models affected by the issue include iPhone 6S and later models, several models of the newer iPads, and Mac computers running macOS Monterey and above. The flaws also affect the iPod Touch
Follow RTT