SanDisk shares tumble as Samsung pulls out
Market reacts to withdrawn takeover bid
22 October 2008 17:10 GMT / By Katie Scott
Following on from the news that Samsung has withdrawn its $6 billion takeover bid, SanDisk has seen its shares tumble.
The storage media company, which got $1 billion of investment recently from Toshiba, denied that Samsung had ever contacted it about the takeover proposal.
This was despite a statement from Samsung saying: "After nearly six months of efforts to pursue a transaction with no meaningful progress, we are withdrawing our proposal to acquire SanDisk", released on the news that it was backing off.
Samsung pointed to the difficult economic climate for its withdrawal, but SanDisk has paid the price already watching its shares plunge more than 25%.
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