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As client PC HDDs continued to decline, near-line became the dominant HDD category, and today comprises more than half of the industry. This dramatic change has led the HDD industry to become a growth market once again, and Western Digital is one of the two dominant providers of this technology.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:33.375+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c26d254-9f61-4729-8a80-cfd227a02ff5", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "Elliott’s approach to its investments is distinguished by its intensive due diligence, and our efforts on Western Digital have followed this same approach. We enlisted former executives, industry experts, lawyers, accountants and consultants in an exhaustive research process on the Company’s strategic position and growth opportunity, as well as considerations for a Flash separation. We believe that this time- and resource-intensive diligence effort has given us a thorough understanding of Western Digital’s history and prospects. 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But with the advent of NAND flash memory, the HDD industry began a slow decline in 2013 as desktop and notebook PCs transitioned toward NAND flash solid-state drives (SSDs), drawn by the latter’s superior speed performance. By 2015, the HDD industry was in decline. 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This end-market is made especially attractive by a confluence of major technology trends that are driving exponential growth in the amount of data requiring storage. 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Before the transaction announcement, SanDisk generated $1.2 billion of operating profit on $6 billion of revenue and was valued at an enterprise value of $12 billion. Since then, the NAND flash industry has continued to grow, and Western Digital’s Flash business now generates $10 billion of revenue with strong gross margins. This scale, in conjunction with the differentiation of its two-decade partnership with Kioxia, would position the Flash business for success as a standalone company once again.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:56:05.323+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c1ea981-eda2-4814-9a1e-c8499f00e65c", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "With Western Digital’s decision to withdraw its dividend, the Company has de-levered to less than 1.4x credit-agreement EBITDA (and 0.9x on a net debt basis). This de-leveraging since the SanDisk acquisition provides flexibility for the potential capital structures of the HDD and Flash businesses. 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We believe there could be meaningful upside to this valuation based on the long track record of synergy realization in analogous consolidation transactions within the HDD and DRAM industries.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:56:05.323+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7323c66b-2559-4ba6-a644-b957b1e246d8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "To demonstrate our own conviction in the value of a standalone and focused Flash business (“FlashCo”), Elliott is proposing to invest $1+ billion of equity capital into FlashCo at the same valuation range of $17 to $20 billion with proceeds to be used for continued growth and the next generation of manufacturing facilities. 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As a next step, we look forward to discussing our recommendations with you over the next several weeks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:26:30.919+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20cde91e-97b2-49db-858b-157dddb1ed7a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.37 }, "kind": "paragraph", "text": "Finally, Western Digital reminds us of similar companies... 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