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Technology Stocks : Seagate Technology
STX 250.38-5.7%Nov 4 4:00 PM EST
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From: Sam10/14/2010 5:21:56 PM
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Seagate Gets Preliminary Interest In Going Private Transaction (Updated)
By Eric Savitz

Seagate Technology (STX) said it has “received a preliminary indication of interest regarding a going private transaction.”

The company said it is in discussions with the party from whom it received the indication of interest, and that its board is evaluating that situation and other strategic alternatives.

Seagate has hired Morgan Stanley and Perella Weinberg Partners for financial advice.

The company said there in no assurance that a transaction will take place.

As noted earlier, trading in the stock is halted.

Update: Last month, Bloomberg reported that the company had recently held talks with private equity firms TPG and Silver Lake - which took the company private once before - about another buyout. That story said that the talks had ended, and were not likely to result in a deal. That story said the deal under discussion would have valued Seagate at about $7 billion. The piece also noted that the talks ended when it became clear that Seagate was not meeting the financial projections the private equity firms had expected. TPG and Silver Lake bought Seagate in 2000, and then took it public again in 2002.

Update 2: STX shares are still halted. But Western Digital (WDC) are up $2.21, or 7.5%, to $31.70.
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