COIN - Western Digital (WDC) Stock Pops on Revived Merger Talks
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Western Digital (NASDAQ:WDC) stock is gaining on Thursday after reports claim merger talks with Kioxia Holdings have restarted.
Reports that the two companies were considering a merger date back to October 2021. However, several issues kept those talks from reaching fruition. That includes valuation discrepancies and concerns about getting approval from the Japanese government.
With this latest news, it looks like both companies want to combine into one publicly-traded company. The two companies already have a partnership in the form of a joint flash memory chip factory in Yokkaichi, Japan.
Will The Merger Go Through This Time?
That’s hard to say. Neither company is speaking about the talks as they don’t comment on speculation. However, insiders claim that the ongoing discussions are fluid with no hard details ironed out just yet.
What we do know is Western Digital has been considering strategic alternatives since June 2022. This merger could be just what it needs. There’s also potential that it will split up its flash-memory and hard drive businesses, Reuters notes.
No matter the case, WDC stock is seeing strong trading volume today alongside the merger reports. As of this writing, more than 4.1 million shares have changed hands. That’s quickly approaching the company’s daily average trading volume of about 4.8 million shares.
WDC stock is up 5.6% as of Thursday morning.
Investors looking for even more stock market news are in the right place!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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