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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.

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