Samsung launches hostile takeover of SanDisk

The American flash memory supplier rejects "inadequate" proposal made by the Korean conglomerate.

Samsung Electronics has launched a hostile takeover of SanDisk Corporation, an American-based flash memory supplier, offering to pay $26 for each outstanding share in the company, which is 80% above the closing share price on September 15. The potential $5.85 billion deal shows that although the financial crisis in Europe and the US is reaching new depths, it is still business as usual on the Asia MA front, as Samsung heads towards its largest ever acquisition.

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