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Electronics Production | October 22, 2008

Samsung drops SanDisk bid

Samsung Electronics has dropped its $5.8 billion offer to acquire SanDisk.

The company no longer believes that SanDisk is worth this amount of money. Additional, the refusal of SanDisk to enter into friendly discussions were also playing a part of the decision. Samsung had placed a public offer on Sept. 17 - after several weeks of rumours - with a $26-a-share offer for SanDisk. However, SanDisk rejected the offer, seeing the offer as too low. On Monday, SanDisk disclosed a significant 3Q loss as well as an agreement to sell some 30% of the its portion of their joint manufacturing venture to Toshiba.
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