Seagate has ended discussions with interested parties about going private. The discussions failed to agree on how much the firm was worth with the private equity buyer – understood to be TGP Capital – placing a lower value on Seagate shares than Seagate's board. But the world's largest hard drive maker did have some good news …
In answer to your question... yes
Was it just to get some cash for shareholders and then, when the firm went public again, make a killing for the private equity backers and those shareholders who had kept their shares?
It looks like those vultures (not the nice El Reg kind) Silver Lake Partners are still involved, so yes. From bitter experience, their plan is:
1) Buy company
2) Cut costs like crazy
4) Profit (from sale)
* It really is unknown what they do, but it could be considered very close to fuck all
Seagate may never recover from that bad thing they ate.