Seagate might be courted -- Business Week
NEW YORK, Nov 11 (Reuters) - Seagate Technology Inc. (NYSE:SEG - news), the largest independent maker of computer disk drives, may be poised to be a takeover target of not just one but two big companies, according to an article in the Nov. 22 issue of Business Week.
Acoording to the magazine, one investment professional, who has been accumulating shares, said Japan's Fujitsu has expressed interest in Seagate and is discussing a buy for at least $55 a share.
Business Week, said the shareholder believes a move by Fujitsu will trigger and offer from International Business Machines Corp. (NYSE:IBM - news).
Vince Carino, president of Brookhaven Capital Management in Palo Alto, Calif. told the magazine that Seagate's cash and marketable securities alone are worth $10.2 billion, or $49 a share. The securities include 60 million shares in Veritas Software (NasdaqNM:VRTS - news), 3.8 million shares in specialty clothes retailer Gadzooks Inc. (NasdaqNM:GADZ - news), and 6.4 million shares in SanDisk.
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