Samsung drops SanDisk bid

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.