Today's Hard|Forum Post
Today's Hard|Forum Post

Tuesday February 23, 2016

Western Digital Committed To Creating Significant Value Through SanDisk Acquisition

Western Digitalآ® Corporation today announced its agreement with Unisplendour Corporation Limited, and Unis Union Information System Ltd. (Unis Union), a subsidiary of Unis that agreed to make a $3.775 billion equity investment in Western Digital, has been terminated by Unis Union after a decision by the Committee on Foreign Investment in the United States to conduct an investigation into the proposed investment. Western Digital affirmed its commitment to the acquisition of SanDisk Corporation and announced that the shareholders of SanDisk will receive the alternate merger consideration as outlined in the merger agreement. Western Digital believes the combination is compelling and will create significant value for its shareholders.

Under the terms of the merger agreement with SanDisk announced on Oct. 21, 2015, if the transaction with Unis Union and Unisplendour has not closed or has been terminated by the time of the consummation of the merger, Western Digital will pay $67.50 per share in cash and 0.2387 shares of Western Digital common stock per share of SanDisk common stock. This alternate merger consideration is in lieu of the consideration that would have been paid if the Unis Union investment had closed. The alternate merger consideration values SanDisk at $78.50 per share based on Western Digital's closing share price on Feb. 22, 2016.