samsung-launches-hostile-bid-for-sandisk

Samsung launches hostile bid for SanDisk

The Korean chaebol tries to turn market turmoil to its advantage, putting forward a $5.85 billion offer which the US flash memory supplier has already rejected as inadequate.
September 17, 2008
Samsung Electronics has launched a hostile takeover of US-based flash memory supplier SanDisk Corporation, taking its offer directly to shareholders amid frustration that SanDiskÆs management is holding out for a higher price. Samsung is offering $26 per share, a premium of 80% to SanDisk's closing price on Nasdaq on Monday.

The potential $5.85 billion MA deal shows that although the financial crisis in Europe and the US is reaching new depths, it is still business as usual in Asia, as Samsung heads towards its largest ever acquisition.

That is, if the deal goes ahead. SanDisk's board has unanimously rejected Samsung's ôinadequateö proposal, saying that it undervalues the company's long-term...
¬ Haymarket Media Limited. All rights reserved.

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