NEW YORK (TheStreet) -- SanDisk Corp. (SNDK) stock is up by 0.16% to $76.39 in mid-afternoon trading on Tuesday, after shareholders approved the company's merger proposal with Western Digital Corp. (WDC).
About 98% of shareholders voted in favor of the $19 billion deal, the Milpitas, CA-based flash storage solutions company said in a statement.
Western Digital also shareholders approved a proposal to issue additional shares in order to complete the acquisition.
The deal, which still needs to receive regulatory approval in China, is expected to close in the 2016 second quarter.
"We are pleased with our stockholders' strong support of the merger proposal, reflecting the excellent value to be provided to SanDisk stockholders," SanDisk CEO Sanjay Mehrotra said in a statement.
Western Digital stock is down by 3.41% to $46.55 in mid-afternoon trading on Tuesday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C+. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: SNDK