"Sandisk Corporation has announced plans for a secondary public offering. The data storage company will open up 5,821,135 common stock shares (Nasdaq:SNDK) at $545 a pop. The shares are currently owned by Western Digital Corporation (WDC), Sandisk's former parent company. Sandisk separated from WDC nearly a year ago to the date, and subsequently joined the S&P 500 in November. Now, WDC is furthering that split."
"It will be left with 1,691,884 shares of common stock, but it plans to get rid of those as well. WDC intends to complete a debt-for-equity exchange with J.P. Morgan Securities LLC and BofA Securities-both of which will act as selling stockholders. Sandisk says it will not personally sell any of its shares or profit from the secondary offering. The offering should close tomorrow, Thursday, February 19."
Western Digital is offering 5,821,135 Sandisk common shares at $545 per share in a secondary public offering. Those shares are currently owned by Western Digital following Sandisk’s separation nearly a year ago. After the offering Western Digital will retain 1,691,884 shares but plans to dispose of those through a debt-for-equity exchange with J.P. Morgan Securities LLC and BofA Securities, which will act as selling stockholders. Sandisk will not sell any shares nor receive proceeds from the secondary offering. Sandisk joined the S&P 500 in November. The offering is scheduled to close on Thursday, February 19.
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