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Seagate mulls going-private deal

LONDON (CNNMoney.com) -- Shares of Seagate Technology soared 21% in pre-market trading Friday after the hard disk drive maker revealed it has received interest in being taken private.

The company said late Thursday it is in discussions with an unnamed suitor who wants to take the company private.

Seagate (STX) said its board is also considering other options and that there is no guarantee it will receive a formal offer.

The Scotts Valley, Calif.-based company has already been down the going-private route. A group of private equity investors, including Texas Pacific and Silver Lake Partners, bought Seagate in 2000 and then took it public in 2002.

Seagate said it has hired Morgan Stanley and Perella Weinberg to provide financial advice.  To top of page

Index Last Change % Change
Dow 17,084.49 33.74 0.20%
Nasdaq 4,830.47 19.68 0.41%
S&P 500 2,014.89 1.46 0.07%
Treasuries 2.10 -0.01 -0.43%
Data as of 5:35am ET
Company Price Change % Change
Alcoa Inc 10.26 -0.75 -6.81%
Bank of America Corp... 15.58 -0.17 -1.08%
Apple Inc 112.12 2.62 2.39%
EMC Corp 27.86 0.68 2.50%
Freeport-McMoRan Inc... 13.49 0.03 0.22%
Data as of Oct 9


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