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NOV 01, 2013 - TheStreet

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Why Western Digital (WDC) Dipped Lower Friday

NEW YORK (TheStreet) -- Western Digital  dipped lower on Friday on news Hitachi will sell approximately 44% of its stake in the digital storage maker. Hitachi received 25 million shares as part of compensation for Western Digital's purchase of its hard drive unit. Western Digital announced it will engage in a secondary public offering of the 10.87 million shares Hitachi is selling. The offering will raise around $728 million or $67 a share, an approximate 3% discount on current share prices. The Irvine, Calif.-based company has also proposed a 30-day option whereby underwriters ... Read More

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