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Western Digital Corp (NASDAQ:WDC) stock is trading lower Tuesday after reports claimed that SK Hynix opposed the Japanese chipmaker's deal with Kioxia Holdings.
South Korea's SK Hynix, which has an indirect stake in Kioxia, is unwilling to negotiate the integration of the semiconductor division of the former Toshiba Corp (OTC: TOSYY), Nikkei reports. The consent is vital for the merger.
Also Read: Nvidia Stock Is Falling Tuesday - Here's Why
SK approached Softbank Group Corp (OTC: SFTBF) (OTC: SFTBY) to cooperate lest the integration negotiations fail.
Japanese chipmaker Kioxia and its U.S. peer Western Digital are eying a merger to create a holding company to integrate their operations producing NAND flash memory chips, widely used in devices such as PCs and smartphones.
Western Digital shareholders will own over 50% of the new company, and Kioxia will hold the remaining stake. The combined entity will likely list on the Nasdaq.
The combined market share of Kioxia and Western Digital for NAND memories stood at 35.4% as of March, vs. Samsung Electronics Co, Ltd (OTC: SSNLF) at 34.3%.
Price Action: WDC shares traded lower by 2.30% at $44.74 on the last check Tuesday.
