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.