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Fly News Breaks for February 24, 2016
WDC, SNDK
Feb 24, 2016 | 08:37 EDT
Citi analyst Stanley Kovler still assigns a 90% probability of Western Digital's (WDC) acquisition of SanDisk (SNDK) obtaining the necessary regulatory and shareholder approvals. The analyst finds it "highly unlikely" that the merger agreement will be renegotiated following the termination of Unisplendour's planned $3.8B investment in Western Digital. To reflect the updated deal structure, Kovler lowered his price target for SanDisk to $76.60 from $82. He keeps a Buy rating on the shares.