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-   -   Western Digital offers to buy SSD manufacturer sTec for $340 million (http://forums.macnn.com/113/tech-news/501728/western-digital-offers-buy-ssd-manufacturer/)

 
NewsPoster Jun 24, 2013 05:35 PM
Western Digital offers to buy SSD manufacturer sTec for $340 million
Hard drive manufacturer <a href="http://macnn.com/rd/288360==http://www.wd.com/" rel='nofollow'>Western Digital</a> has made an offer for solid-state drive manufacturer <a href="http://macnn.com/rd/288361==http://www.stec-inc.com" rel='nofollow'>sTec</a>. 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.<br />
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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.<br />
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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.
 
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