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Technology Stocks : WDC, NAND, NVM, enterprise storage systems, etc.

WDC 47.51

+0.4%

9:31 AM EST

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From: Sam	9/2/2021 9:28:00 PM
	of 4773

Kioxia favours IPO over Western Digital merger offer-paper Reuters September 02, 2021 08:38:00 PM ET TOKYO, Sept 3 (Reuters) - Japan'sKioxia Holdings Corp, the world's second-largest maker of NAND flash memory chips, plans to push ahead with an initial public offering (IPO) rather than a stock merger with Western Digital, the Nikkan Kogyo newspaper reported on Friday. Kioxia is planning to offer its shares in November after a general election in Japan because it believes stock markets will rise after that national poll, the Nikkan Kogyo reported, without citing any sources. Asked about the report, a spokesperson for Kioxia reiterated previous comments by the company it was considering the appropriate timing for an IPO that it shelved in 2020 amid U.S.-China trade tensions. Kioxia was acquired for $18 billion from Toshiba Corp in 2018 by a consortium led by Bain Capital, which declined to comment on Friday. Toshiba retains a 40% stake in the chipmaker. "We are not involved in Kioxia's management and so not in a position to comment," a Toshiba spokesman said. "We continue to consider the most appropriate approach to our investment in Kioxia in order to maximizing shareholder value. Reuters reported last month that Kioxia was in advanced talks with Western Digital jp.reuters.com about a possible $20 billion stock merger with an agreement possible as early as this month, citing a source. That combination would create a big new company in a consolidating industry. Kioxia earlier declined to comment on that possibility.

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