Seagate, Toshiba in Bidding War for TDK's Magnetic-Head Unit
STX has more than doubled off its 52-week low of $209.
Summary
Seagate is reportedly competing with Toshiba to acquire TDK Corp.'s magnetic-head business for hard-disk drives, a deal Bloomberg says could be worth several billion dollars. This follows Monday's 12% drop after Nikkei reported Toshiba plans to double HDD production capacity for AI data centers. The bidding war adds a new competitive threat: if Toshiba wins, it could secure a critical component supplier and further pressure Seagate's supply chain. Seagate stock was down 1.8% in premarket trading Tuesday. The company has not commented.
At the time of this announcement, STX was trading at $870.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $201.7B. The 52-week trading range was $209.00 to $1,145.00. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.