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.