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Western Digital offers to buy SSD manufacturer sTec for $340 million

updated 05:28 pm EDT, Mon June 24, 2013

Offer props up sTec stock by over $3 per share in one trading day

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.




by MacNN Staff

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