Hard-disk drive maker Seagate Technology Plc said it would purchase network and storage equipment maker Xyratex Ltd for about $374 million in cash. Seagate's offer of $13.25 per share is at a premium of 27 percent to Xyratex's closing price on Friday.
Seagate Technology plc (Seagate) is the provider of electronic data storage products. Shares of STX traded higher by 6.03% or $3.165/share to $55.66. In the past year, the shares have traded as low as $29.75 and as high as $56.04. On average, 3690700 shares of STX exchange hands on a given day and today's volume is recorded at 10023158.
Xyratex Ltd (Xyratex) is a provider of data storage technology, including modular solutions for the enterprise data storage industry and hard disk drive (HDD) capital equipment for the HDD industry. Shares of XRTX traded higher by 1.16% or $0.12/share to $10.45. In the past year, the shares have traded as low as $7.62 and as high as $12.29. On average, 168220 shares of XRTX exchange hands on a given day and today's volume is recorded at 104921.
Source
