Wednesday October 22, 01:50 AM
Samsung retracts offer to buy SanDisk
SEOUL (AFP) - South Korea's Samsung Electronics announced Wednesday it has retracted its 5.8 billion dollar offer to buy US flash-memory titan SanDisk (NASDAQ: SNDK - news) .
The firm said in a statement it has withdrawn its proposal to acquire all outstanding shares of SanDisk Corporation for 26 dollars per share in cash.
It also disclosed a letter from Yoon Woo-Lee, vice chairman of Samsung Electronics, to the SanDisk board.
"After nearly six months of efforts to pursue a transaction with no meaningful progress, we are withdrawing our proposal to acquire SanDisk," Yoon wrote.
A dispute over pricing became apparent last month, when Samsung (000830.KS - news) expressed disappointment that the northern California firm "clings to unrealistic expectations" about its market value.
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