Bloomberg is reporting that hard drive maker Seagate has recently turned down a takeover proposal from Western Digital.

It is believed that such a deal would have come under scrutiny from antitrust regulators and that it could prompted a management reshuffle, resulting in redundancies.

Analyst Ashok Kumar believes that the proposal was a rather bad idea, as it would not serve the interests of Seagate shareholders. “There’s way too much product overlap, and I’m not sure the premium would be meaningful enough to make it worth it. I think they have to make a go of it on their own,” he said.

Seagate shares rose by more than 7 percent as a result of the rumours.

More here.