“I must make it clear that Western Digital will not consent to a transaction with the proposed consortium,” says WD CEO Stephen Milligan in a letter sent to Toshiba’s board on June 25th.

WD objects to the presence in the consortium of Hynix.

Hynix says it is only in the consortium to loan half of the $7.7 billion which Bain is putting up in its bid.

But it has been speculated that the agreement between Bain and Hynix either includes equity participation or the promise of  equity participation.

Milkigan says that Hynix’ presence “increases the likelihood of technology leakage and harm to the JVs going forward.”

WD owns jv assets with Toshiba.