Seagate Technology Ends Private Equity Discussions, Announces $2B Share Repurchase

"Seagate Technology plc (NASDAQ:STX) terminated discussions with private equity firms, deeming that the valuation range was not sufficient. The company announced the preliminary indication showing interest of going private on Oct. 14.

Seagate's board of directors was in discussion with an unnamed private equity firm.

Steve Luczo, Seagate chairman and CEO said, ""We appreciate the interest shown by the private equity firms and our dialogues with them were extensive and thoughtful, However, management and the Board have chosen to cease discussions concerning a private equity-led leveraged buyout. Given the strong debt markets, improving business conditions and other financing options, Seagate has initiated a plan to further optimize its capital structure to maximize shareholder returns.""

Instead, the company announced the authorization of $2 billion of its outstanding ordinary shares.

The company expects revenue for the December quarter to be about $2.7 billion.

Seagate Technology closed 0.22 percent lower at $13.86."

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[marvelstryfe]

stop looking so sexy i cant hardly pay attention to what you are saying lol