Samsung Withdraws Proposal to Acquire SanDisk

22 Oct 2008 07:11



October 22, 2008

Samsung Withdraws Proposal to Acquire SanDisk

Samsung Electronics herby withdraws its proposal to acquire all the outstanding shares of SanDisk Corporation for $26 per share in cash.

Although Samsung Electronics had made efforts to pursue an acquisition with SanDisk Corporation for last six months, both parties have not been able to reach an agreement.

The decision to withdraw the proposal to acquire SanDisk Corporation at $26 per share was made in considerations of the growing uncertainties in SanDisk's business, its stand alone value, and the current difficult economic environment.