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.

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...

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