On June 7 local time, Reuters reported that memory storage device maker Western Digital Corp. said on Tuesday that it is reviewing strategic options, including the option of splitting its flash memory and hard disk businesses.
Image source: Reuters
The announcement comes a month after prominent activist investor Elliott Management, which owns about 6% of the California-based company, disclosed a nearly $1 billion stake in the company and is pushing for a spinoff of its flash and hard drive businesses.
New York-based Elliott also said it had provided more than $1 billion in incremental equity capital to Western Digital's flash memory business, with an enterprise value of $17 billion to $20 billion, the report said.
"Through this process, we are actively pursuing a broad range of strategic and financial alternatives that would help further optimize Western Digital's value, including Elliott's proposal to invest incremental equity capital in our flash memory business," Western Digital CEO David Goeckeler said in a statement.
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