Bloomberg reports that disk-drive company Seagate Technology Plc (STX) held failed talks with previous owners TPG Capital and Silver Lake about going private again. The financial news service attributes the information to “people with knowledge of the discussions.”
“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.”
The deal that was being discussed reportedly would have valued Seagate at about $7 billion. Bankers advising on the deal included Morgan Stanley (MS), Deutsche Bank (DB) and Bank of America (BAC).
STX is up 24 cents, or 2.01%, to $11.52, a pps that values the company at about $5.43 billion.