Western Digital has bought Komag, a company that supplies its buyer with thin-film media used to create disk drives, for $1 billion. The deal is expected to close in the third quarter of the year, and has been completely approved by both boards, with just regulatory approvals needed to be cleared. The deal is overshadowed somewhat by the statement by one analyst that unusual trading in options ahead of the deal looked "suspicious," which makes it hard for us to recall an example where stock trading in the time immediately surrounding a merger deal wasn't suspicious.

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Western Digital buys Komag for $1 billion