Samsung makes hostile bid for SanDisk
And gets rejected
17 September 2008 12:25 GMT / By Amy-Mae Elliott
Samsung has made a hostile take-over bid for SanDisk, after 4 months of negotiations to buy the company did not result in a deal.
Samsung chose to go public with the $5.9 billion bid that equated to a $26-a-share cash offer, working out as an 80% premium on the memory company's shares.
SanDisk has refused the deal, stating that it undervalues the company, but remains open to a better offer at a price that recognises its "intrinsic value".
Samsung, who currently pays SanDisk over $350 million a year in royalties to use patented flash technology, is looking to get the competitive edge over rivals Toshiba and Seagate with the purchase, which would give it SanDisk's licences.
A Samsung spokesperson said their offer had been "full and fair" and did not reveal if they would increase the offer.
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