Western Digital Corp. Stock Block to Be Sold

Western Digital Corp., an Irvine semiconductor and electronic device maker, said that about 1.7 million shares of its common stock will be sold through a public offering at $26.25 per share.

The stock is being sold by a group of former shareholders of Paradise Systems Inc., the company Western Digital recently acquired in an all-stock transaction. At $26.25 each, the value of the shares being sold is $45.8 million.

The price of the shares was based on the closing price of Western Digital stock on Tuesday.

The former Paradise System owners were paid a total of about 2.6 million Western Digital shares for their company when it was acquired last year. At the time of the acquisition, Western Digital shares were trading at about $14 each.