Shares of Seagate Technology PLC (NASDAQ:STX) ended Thursday session in red amid volatile trading. The shares closed down -0.42 points or -1.10% at $37.79 with 4.05 million shares getting traded. Post opening the session at $38.12, the shares hit an intraday low of $37.41 and an intraday high of $38.86 and the price vacillated in this range throughout the day. The company has a market cap of $11.27 billion and the numbers of outstanding shares have been calculated to be 298.61 million shares.
Seagate Technology PLC (STX) on September 9, 2016 announced a secondary block trade transaction of approximately 12.5 million ordinary and existing shares. Participating in this transaction are ValueAct Capital and Seagate Technology, as a result of which ValueAct Capital will become one of Seagate’s largest shareholders with approximately 9.5 million ordinary shares upon transaction closing. In connection with the transaction, ValueAct has been invited to serve as an observer on Seagate’s Board of Directors. The transaction is conditioned on customary regulatory approval which is expected by the end of September.
“We are very pleased to have ValueAct Capital as one of our largest investors. Seagate approached ValueAct to execute this transaction and become an investor in our company, given their commitment to and success in creating long-term value for the companies in which they invest. The Seagate Board and management team are looking forward to engaging with the ValueAct team as we leverage their experience and resources to further strengthen the company and create long-term investment appreciation for Seagate shareholders,” said Steve Luczo, Seagate’s chairman and chief executive officer.
“Seagate has a strong storage technology portfolio and is well positioned to benefit from attractive long-term secular trends,” said Mason Morfit, ValueAct Capital’s president. “We are very excited about the opportunity to work with the Seagate team, at both the Board and management level, to help increase long-term value for all shareholders.”
Shares of Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) ended Thursday session in green amid volatile trading. The shares closed up +0.07 points or 0.23% at $30.40 with 5.99 million shares getting traded. Post opening the session at $30.31, the shares hit an intraday low of $30.17 and an intraday high of $30.65 and the price vacillated in this range throughout the day. The company has a market cap of $151.58 billion and the numbers of outstanding shares have been calculated to be 25.93 billion shares.
Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (TSM) engages in the computer-aided design, manufacture, packaging, testing, sale, and marketing of integrated circuits, color filters, and other semiconductor devices. The company is also involved in manufacturing masks; and wholesaling and retailing electronic materials. In addition, it provides marketing and engineering support services; and customer service and technical support services, as well as sells electronic parts and solar related products. The company operates in Taiwan, the United States, Asia, Europe, the Middle East, Africa, and internationally. Taiwan Semiconductor Manufacturing Company Limited was founded in 1987 and is headquartered in Hsinchu, Taiwan.