SanDisk Gets Final Regulatory Approval For Western Digital Acquisition
SanDisk Corporation (NASDAQ: SNDK) revealed that the Ministry of Commerce of China ("MOFCOM") has given its approval for the acquisition of SanDisk by Western Digital Corporation (NASDAQ: WDC) subsidiary, Western Digital Technologies.
According to SanDisk, all necessary regulatory approvals for the acquisition were received. As a result, the company expects transaction to be completed on May 12. Its shareholders have already voted in favor of the transaction at a special meeting of stockholders held on March 15.
The company's President and CEO, Sanjay Mehrotra, said, "We are pleased that the final regulatory approval has been received and we can now proceed with the planned combination with Western Digital. We thank our stakeholders for their support of this transaction and look forward to contributing to the success of Western Digital as it transforms into the leading storage solutions company."
In the pre-market on Tuesday, SanDisk traded 0.8 percent higher while Western Digital traded 1.11 percent higher.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
