The stock fell more than 6% in after-market trading following the announcement after closing at US$43.95 (RM187.48) in New York. ![]() That compares with an average analyst estimate of US$3.1bil (RM13.2bil), according to data compiled by Bloomberg. Separately, Western Digital forecast revenue will be as low as US$2.6bil (RM11.1bil) in the current quarter. Samsung Electronics Co, one of the world’s largest makers of electronics and semiconductors, dominates the market. Withstanding such periods has historically depended on the scale of companies’ operations and there are now only a handful of manufacturers of flash memory and computer memory left. Western Digital is struggling with an industry glut that’s wiping out profits and revenue as consumers cut purchases of smartphones and computers. In June, Western Digital announced a review of strategic alternatives following discussions with activist investor Elliott.Įlliott managing partner Jesse Cohn and senior portfolio manager Jason Genrich said they’re “encouraged by the progress Western Digital has made in its strategic review.” Rayman called Western Digital an “iconic American business that is critical to global digital infrastructure”. “We look forward to working together in advancing our goal of creating value and finalising the best possible strategic outcome for our shareholders,” Goeckeler said in a statement. Western Digital chief executive officer David Goeckeler said Apollo and Elliott’s perspectives will help facilitate the next stage of Western Digital’s strategic review. A representative for Western Digital declined to comment on deal talks. The hard-drive business is expected to remain separate but details could still change.īloomberg News previously reported that the parties have figured out a rough structure where Western Digital would spin off its flash business and merge it with Kioxia, creating a publicly traded company in the United States. Those talks are still active and progressing, the people said, asking not to be identified because the matter is private. Poised for growth with the most complete edge native solution to deliver the fastest web applications on the planet, in a high growth 40 billion market Improved profitability underwritten by. The investment is a precursor to a merger with Japan’s Kioxia Holdings Corp, according to people familiar with the matter. Hedge fund Elliott Investment Management is also participating. ![]() The chipmaker’s stock fell 6% in late trading on a disappointing revenue forecast.įunds managed by Apollo are buying convertible preferred stock in Western Digital and Apollo partner Reed Rayman will get a board seat, according to a statement. ![]() Other experts in the industry believe that cybersecurity is not just an IT function, but a risk management function that must be aligned with objectives across the entire business.Īs cyber threats continue to evolve, it's crucial for companies to keep up with the latest cybersecurity best practices.NEW YORK: Western Digital Corp is receiving a US$900mil (RM3.8bil) investment led by Apollo Global Management Inc, getting financial firepower at a tough time for the industry that could see further consolidation. "Organizations must adapt and evolve their cybersecurity strategies to remain protected and safe," says Darrin Reynolds, CISO at Edgio, in a recent FutureCIO article on narrowing the cybersecurity capabilities gap in Asia. This, coupled with the increase in cyber threats, is making it increasingly challenging for cybersecurity teams to be effective with current practices. ![]() According to Cisco's latest Cybersecurity Readiness Index, only 15% of organizations globally have a mature level of preparedness to handle security risks.
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