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You are here: MacNN Forums > News > Tech News > Western Digital offers to buy SSD manufacturer sTec for $340 million

Western Digital offers to buy SSD manufacturer sTec for $340 million
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MacNN Staff
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Jun 24, 2013, 05:35 PM
Hard drive manufacturer Western Digital has made an offer for solid-state drive manufacturer sTec. The offer for $6.85 per share is worth about $340 million, and represents a 91 percent increase to the stock's Friday price. The sale is expected to close, pending regulatory concerns, by the end of 2013.

The SSD manufacturer's CEO and co-founder was forced out in September relating to insider trading charges. As a result of the scandal, the stock has fallen more than 50 percent in a year, with another halving this year. As a result of the offer, the stock has climbed to $6.85.

Balch Hill Capital said in December that sTec should consider allying itself with a larger company. The investment firm believes that both the ousted CEO and his brother, the current CEO, should resign from the board of directors upon the acquisition by Western Digital.
( Last edited by NewsPoster; Jun 26, 2013 at 05:01 AM. )
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