WDC - Apollo Global Elliott purchase $900M worth Western Digital's preferred stock shares fall
- Western Digital ( NASDAQ: WDC ) on Tuesday announced that Apollo Global Management purchased $900 million of its convertible preferred stock, along with Elliott Investment Management.
- Shares -6.3% at $41.17 after hours.
- In connection with the Apollo funds’ purchase, Reed Rayman was appointed to Western Digital’s board of directors.
- Western Digital and Elliott also revised their June 7, 2022 letter agreement to provide Elliott with a board seat right.
- The preferred stock has an initial conversion price of $47.75 per share of Western Digital’s stock.
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Apollo Global, Elliott purchase $900M worth Western Digital's preferred stock, shares fall