John Paczkowski

Recent Posts by John Paczkowski

Seagate Not Going Private After All

Looks like it’s a buyback, not a buyout for Seagate.

The hard drive manufacturer today said it’s ended talks around that “going private transaction” it announced back in October, opting instead to begin a $2 billion buyback of its stock. Seems Seagate found it couldn’t command a price “in the best interest of the company and its shareholders” and was better off staying its present course.

“We appreciate the interest shown by the private equity firms and our dialogues with them were extensive and thoughtful,” Seagate CEO Steve Luczo said in a statement. “However, management and the Board have chosen to cease discussions concerning a private equity-led leveraged buyout. Given the strong debt markets, improving business conditions and other financing options, Seagate has initiated a plan to further optimize its capital structure to maximize shareholder returns.”

Sounds wonderful, but the company’s shareholders aren’t buying it. Seagate’s stock is down 6.2 percent at $13 as I write this.


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December 30, 2013 at 6:49 am PT

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December 29, 2013 at 2:12 pm PT

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December 29, 2013 at 5:58 am PT

Apple CEO Tim Cook Made $4.25 Million This Year

December 28, 2013 at 12:05 pm PT

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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald