Shares of Seagate Technology PLC (NASDAQ:STX) ended Monday session in green amid volatile trading. The shares closed up +0.18 points or 0.50% at $35.95 with 4.95 million shares getting traded. Post opening the session at $36.28, the shares hit an intraday low of $35.50 and an intraday high of $36.50 and the price vacillated in this range throughout the day. The company has a market cap of $10.77 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 Oclaro, Inc. (NASDAQ:OCLR) ended Monday session in green amid volatile trading. The shares closed up +0.21 points or 2.36% at $9.10 with 4.91 million shares getting traded. Post opening the session at $9.00, the shares hit an intraday low of $9.00 and an intraday high of $9.20 and the price vacillated in this range throughout the day. The company has a market cap of $1.35 billion and the numbers of outstanding shares have been calculated to be 112.21 million shares.
Oclaro, Inc. (OCLR) on Sept. 19, 2016 announced that it intends to offer, subject to market conditions and other considerations, 13,000,000 newly issued shares (the “Shares”) of common stock, $0.01 par value per share, in an underwritten public offering (the “Offering”). In addition, Oclaro expects to grant the underwriters a 30-day option to purchase up to 1,950,000 additional Shares. The final terms of the Offering will depend on market and other conditions at the time of pricing.
Oclaro intends to use the net proceeds from the offering for general corporate purposes, including working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses. Oclaro does not have agreements or commitments for any specific acquisition at this time.