Hard-disk drive maker Western Digital Corp said it would purchase SanDisk Corp for about $19 billion, giving it better access to flash memory storage chips used in smartphones and mobile devices.SanDisk's shares rose to $78.76 in premarket trading, but were well below the cash-and-stock offer of $86.50 per share.Shareholders are probably disappointed because they were likely looking for a 52-week high takeout price, Wedbush Securities analyst Betsy Van Hees said. The semiconductor industry has seen a record number of deals this year as demand for cheaper chips and products to power Internet-connected gadgets push technology companies to consolidate suppliers.
SanDisk Corporation provides flash storage solutions. Shares of SNDK remained unchanged at $75.19. In the past year, the shares have traded as low as $44.28 and as high as $106.64. On average, 4849220 shares of SNDK exchange hands on a given day and today's volume is recorded at 1463404.
Western Digital Corporation, is a data storage solutions company. Shares of WDC remained unchanged at $74.86. In the past year, the shares have traded as low as $67.87 and as high as $114.69. On average, 3002520 shares of WDC exchange hands on a given day and today's volume is recorded at 239713.