Wednesday, April 13, 2011

Seagate Rises On Renewed Takeover Speculation

Shares of Seagate Technology (NYSE: STX) climbed as much as 2% Wednesday after Forbes reported that the the company was mentioned as a possible takeover target at a private equity conference. Seagate Technology was named by Perella Weinberg’s Andrew Bednar as an example of a potential private equity play in the space, noting past interest and calling it a “stable business with lots of cash” that could be leveraged because its valuation isn’t too stretched. Seagate, which makes a range of disk drives for computers and external storage devices, said early this month it expects to post $2.7 billion in third-quarter revenue - at the high end of its prior forecast. Stay tuned for more.

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