Wednesday, October 22, 2008

Samsung Yanks Hostile Bid For SanDisk

That didn't take long. I'd only just covered Toshiba's defense of SanDisk this morning.

Samsung on Tuesday withdrew its $5.85 billion bid for SanDisk, citing an increasing "risk profile." This follows a new manufacturing agreement between SanDisk and Toshiba disclosed Monday and a stiff rejection by SanDisk last month of the Samsung offer. "After nearly six months of efforts to pursue a transaction with no meaningful progress, we are withdrawing our proposal to acquire SanDisk," Yoon Woo Lee, vice chairman and CEO at Samsung Electronics, said in a letter that Samsung released Wednesday in Seoul.

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