Western Digital Corporation has completed a secondary offering that divested over $3 billion of its remaining equity in SanDisk, a move which marks a strategic exit from the flash memory market following last year's spinoff. This significant divestiture coincided with a more than 7% increase in Western Digital's stock, fueling analyst optimism despite forecasts of a 6.3% revenue decline balanced by an impressive projected earnings growth of 81.7% this year.
“Western Digital has completed a secondary offering of more than US$3b of its Sandisk (NasdaqGS:SNDK) holdings in the past week. Sandisk did not receive any proceeds from the sale, which was entirely from Western Digital's existing stake.”
“In a move that captured attention, Western Digital Corporation (WDC) announced selling down its remaining equity stake in SanDisk Corporation (SNDK), the flash memory powerhouse it spun off last year. The company is executing a multi-billion-dollar secondary offering of SanDisk shares.”
“Western Digital is exiting most of its remaining Sandisk stake through a multibillion dollar secondary offering and debt for equity exchange.”
“Western Digital · closed · up · more than +7%”
“Western Digital Corporation (NASDAQ:WDC) · is · one of the Best Stocks to Buy and Hold For the Next 3 Years”
“Western Digital Corporation (NASDAQ:WDC) · announced that it is relaunching · its G-DRIVE brand”
“Western Digital Corporation (NASDAQ:WDC) · is · one of the world’s largest manufacturers of hard disk drives and data storage solutions”
“Western Digital Corporation (WDC) · was founded in · 1970”
“Western Digital Corporation (WDC) · is headquartered in · San Jose, California”
“Western Digital (WDC) · closed · up · more than +7%”
“Western Digital · closed · up · more than +7%”
“Western Digital · is up · percentage · +5%”
