Alken Asset Management to Vote Against Western Digital's Acquisition of SanDiskIssues Open Letter to Board of Directors
Believes Deal Should Be Canceled
LONDON, Feb. 22, 2016 /PRNewswire/ -- Alken Asset Management, a London-based investment manager that, as of December 31, 2015, held more than five million shares of Western Digital Corporation stock (Nasdaq: WDC) intends to vote against the acquisition of SanDisk Corporation ( SNDK) at the upcoming Special Meeting of Western Digital Shareholders, scheduled for March 15, 2016, by voting "no" on Proposal 1.
"The management team of Western Digital is exceptionally talented," said Vincent Rech, Analyst at Alken Asset Management. "However, the price being paid for SanDisk is excessive in light of the changing landscape for SanDisk's products and capital markets considerations, including the trading price of Western Digital stock, changes in the valuations of the peer companies and issues presented by the heavy debt load Western Digital would be forced to carry to complete the transaction."
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