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Seagate turns down buyout offer from Western Digital

updated 07:55 pm EST, Thu December 2, 2010

Drive maker also rejected offers from TPG Capital

Seagate reportedly turned down buyout offers from rival hard-drive maker Western Digital, according to a Bloomberg report. Sources familiar with the matter claim Western Digital offered to pay somewhere between 10 percent and 50 percent more than TPG, a company which had already offered more than $7.5 billion in an unsuccessful bid.

Seagate recently suggested that it had put an end to discussions, as the value of such deals was not favorable. Western Digital reportedly made its move after Seagate publicly noted that it was considering a buyout offer from another company.

Western Digital and Seagate have yet to confirm details of their talks.

by MacNN Staff



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