
Western Digital Corp (NASDAQ:WDC) shares are trading higher Tuesday after Elliott Investment Management sent a letter to Western Digital's board, calling for a full strategic review of the value that could be created by separating its flash unit.
Elliott Investment Management, which has a 6% stake in Western Digital valued around $1 billion, offered at least $1 billion of incremental equity capital to be utilized either in a spin-off transaction of the company's flash memory business or as equity financing in a sale or merger with a strategic partner.