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SanDisk shares hit a high of $78.50 on Wednesday, but closed nearly $10 below the offer price of $86.50 in cash and stock, a fact that analysts attributed to the deal's complexity. Western Digital said the value of the transaction hinges on the closing of an investment in the company by Unisplendour Corp Ltd, a unit of China's state-backed Tsinghua Holdings Co Ltd [TSHUAA.UL]. Unisplendour said in September it would buy 15 percent of Western Digital for $3.78 billion, a deal that is likely to face regulatory scrutiny amid national security concerns.

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Amazon.com Inc must face a trademark lawsuit brought by a watchmaker which says the online retailer's search results can cause confusion for potential customers, a federal appeals court ruled. The 2-1 opinion from the 9th U.S. Circuit Court of Appeals in San Francisco on Monday reversed a lower court ruling, and said high-end watchmaker Multi Time Machine Inc. is entitled to a trial on its trademark allegations. An Amazon representative could not immediately be reached for comment.