ID :
19924
Wed, 09/17/2008 - 10:53
Auther :
Shortlink :
http://m.oananews.org//node/19924
The shortlink copeid
SanDisk rejects Samsung's takeover offer
SEOUL, Sept. 17 (Yonhap) -- Samsung Electronics Co., the world's largest maker of computer memory chips, said Wednesday it made a US$5.85-billion proposal to purchase SanDisk Corp., but the offer was later rejected.
Samsung offered $26 in cash for each stock of the total 2.25 million shares of
SanDisk, the world's largest producer of flash memory chips used in digital
cameras and mobile phones, the South Korean company said in a regulatory filing.
SanDisk said in its own separate statement that it rejects the offer, as its
board agreed it seems "opportunistic" and undervalues the company.
The parties are, however, still undergoing consultations, with nothing having yet
been officially decided, according to Samsung.
The deal, if realized, would help Samsung widen its lead over Toshiba Corp. in
the $15 billion flash memory chip market.
SanDisk owns a number of patents related to flash memory chips and Samsung has
paid some $352 million annually in patent fees to the U.S. company.
odissy@yna.co.kr
(END)
Samsung offered $26 in cash for each stock of the total 2.25 million shares of
SanDisk, the world's largest producer of flash memory chips used in digital
cameras and mobile phones, the South Korean company said in a regulatory filing.
SanDisk said in its own separate statement that it rejects the offer, as its
board agreed it seems "opportunistic" and undervalues the company.
The parties are, however, still undergoing consultations, with nothing having yet
been officially decided, according to Samsung.
The deal, if realized, would help Samsung widen its lead over Toshiba Corp. in
the $15 billion flash memory chip market.
SanDisk owns a number of patents related to flash memory chips and Samsung has
paid some $352 million annually in patent fees to the U.S. company.
odissy@yna.co.kr
(END)
