WDC - Western Digital: Shares Are A Buy As Management Engages With Activist Investor

• Western Digital management announced that they were going to review their strategic alternatives and would continue to work with Elliott Management.
• Elliott believes that by splitting into two focused companies, Western Digital shares could rise to $100 or more.
• Western Digital hired two financial advisors, one of which is Frank Quattrone's Qatalyst Partners.
• Elliott is willing to invest another $1 billion+ via the flash business at an enterprise value of $17-$20 billion (roughly equal to the company's current enterprise value).

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