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Seagate wants to go private again

Posted on Friday, September 24 2010 @ 15:55:57 CEST by

Bloomberg reports Seagate has been in talks with its previous owners TPG Capital and Silver Lake about pulling the company off the stock market again, but the negotiations failed as the storage firm wasn't performing well enough to meet the financial projections of the two private-equity firms:
Negotiations collapsed as Seagate wasn’t meeting some of the financial projections the two private-equity firms had based the deal on, said one of the people familiar with the situation. That led to a disagreement over price, the person said. Morgan Stanley, Deutsche Bank AG and Bank of America Corp. were advising and lending on the deal, the people said.

“The personal computer market is going to have a weak finish to the year and the market for hard drives is oversupplied, so there’s margin and price pressure,” said Ashok Kumar, an analyst at Rodman & Renshaw LLC in New York, who rates Seagate “market outperform.”



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