Western Digital shares fell sharply on a report that talks about merging the company’s flash memory business with its joint-venture partner Kioxia have been terminated.
There have been reports for many months now that Western Digital and Kioxia were discussing a transaction in which Western would combine its flash business with Kioxia, separating it from the disk drive operations. The activist investment firm Elliott Management has been pressuring Western to spin off the flash business since May 2022, and the company has agreed to consider potential strategic transactions.
Wall Street still thinks the structure of Western Digital will eventually change, whether or not the deal happens.
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