Printed from http://www.electronista.com

Samsung nixes SanDisk offer, blasts recent decisions

updated 12:55 am EDT, Wed October 22, 2008

Samsung snubs SanDisk

Talks between Samsung and SanDisk have ended, with a letter sent by Samsung chief Yoon Woo Lee to SanDisk's Eli Harari and Irwin Federman, blasting its board for not acting to resolve a deal. The letter is intertwined with warning, about how SanDisk's recently posted quarter-billion dollar loss reflects the ailing state of its market. Lee also draws attention to SanDisk's "hurried renegotiaton [sic]" with Toshiba, as well as major job losses as being major signs it should have more closely considered Samsung's offer.

Lee assured "full, fair and certain value" for shareholders, saying the combined venture consisting of the two flash memory giants would give both companies a broader platform, with a wider range of opportunities.

Although Lee's tone was that of disappointment, he summarizes with positive thoughts. "While I regret that we were unable to work together to achieve a business combination that would have created new opportunities for all of us, we wish you the best in meeting the challenges ahead," writes Lee.

SanDisk was resistant to negotiations, claiming that Samsung vastly undervalued the company's worth, taking an "opportunistic attempt" to remove a competitor from the flash memory market.

Samsung was offering $26 per share, or $5.8 billion for SanDisk.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Samsung Galaxy S6 Edge

The Samsung Galaxy S6 range is a critical component in Samsung's flagging smartphone strategy. With sales of its high-end smartphones ...

Notti smart lamp from Witti

Perhaps you've already seen our review of the Dotti LED display from Witti Design. Meet Notti, Dotti's "sibling". Notti is a softball ...

Seagate Personal Cloud (2-Bay)

When it comes to backing up files, many users are now looking to the myriad of cloud storage solutions available. There is no doubt th ...

Advertisement

toggle

Most Commented

 
toggle

Popular News