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WESTERN DIGITAL CORPORATION

(WDC)
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Kioxia favors IPO over Western Digital merger offer-paper

09/02/2021 | 08:38pm EDT

TOKYO, Sept 3 (Reuters) - Japan's Kioxia Holdings Corp, the world's second-largest maker of NAND flash memory chips, plans to push ahead with an initial public offering (IPO) rather than a stock merger with Western Digital, the Nikkan Kogyo newspaper reported on Friday.

Kioxia is planning to offer its shares in November after a general election in Japan because it believes stock markets will rise after that national poll, the Nikkan Kogyo reported, without citing any sources.

Asked about the report, a spokesperson for Kioxia reiterated previous comments by the company it was considering the appropriate timing for an IPO that it shelved in 2020 amid U.S.-China trade tensions.

Kioxia was acquired for $18 billion from Toshiba Corp in 2018 by a consortium led by Bain Capital, which declined to comment on Friday. Toshiba retains a 40% stake in the chipmaker.

"We are not involved in Kioxia's management and so not in a position to comment," a Toshiba spokesman said. "We continue to consider the most appropriate approach to our investment in Kioxia in order to maximizing shareholder value.

Reuters reported last month that Kioxia was in advanced talks with Western Digital https://jp.reuters.com/article/us-kioxia-holdings-m-a-western-digital-c-idTRNIKBN2FQ1RJ about a possible $20 billion stock merger with an agreement possible as early as this month, citing a source.

That combination would create a big new company in a consolidating industry. Kioxia earlier declined to comment on that possibility.

Samsung Electronics dominates the market with over a third of NAND sales, according to research firm TrendForce, Kioxia has a nearly 19% share and Western Digital 15%.

Other large players include South Korea's SK Hynix Inc and U.S. firms Micron Technology Inc and Intel Corp.

Hynix is waiting for approval for a deal to acquire Intel, a regulatory step that any Western Digital-Kioxia agreement would also have to clear. (Reporting by Chang-Ran Kim, Makiko Yamazaki and Tim Kelly; Editing by Jane Wardell)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTEL CORPORATION -0.10% 49.41 Delayed Quote.-0.82%
MICRON TECHNOLOGY, INC. 1.85% 68.76 Delayed Quote.-8.54%
SK HYNIX INC. 1.52% 100000 End-of-day quote.-15.61%
TOSHIBA CORPORATION -0.73% 4790 End-of-day quote.66.03%
WESTERN DIGITAL CORPORATION -0.39% 56.83 Delayed Quote.2.60%
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Analyst Recommendations on WESTERN DIGITAL CORPORATION
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Financials (USD)
Sales 2022 20 454 M - -
Net income 2022 2 662 M - -
Net Debt 2022 2 926 M - -
P/E ratio 2022 6,84x
Yield 2022 -
Capitalization 17 705 M 17 705 M -
EV / Sales 2022 1,01x
EV / Sales 2023 0,83x
Nbr of Employees 65 600
Free-Float 98,4%
Chart WESTERN DIGITAL CORPORATION
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Western Digital Corporation Technical Analysis Chart | WDC | US9581021055 | MarketScreener
Technical analysis trends WESTERN DIGITAL CORPORATION
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 56,83 $
Average target price 86,83 $
Spread / Average Target 52,8%
EPS Revisions
Managers and Directors
David V. Goeckeler Chief Executive Officer & Director
Robert K. Eulau Chief Financial Office & Executive Vice President
Matthew E. Massengill Chairman
Srinivasan Sivaram President-Technology & Strategy
Sean Hunkler Executive Vice President-Global Operations
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