TITLE

SanDisk Shares Crash as Samsung Pulls Net

AUTHOR(S)
Schachter, Ken
PUB. DATE
October 2008
SOURCE
Red Herring;10/22/2008, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the impact of the decision of Samsung Electronics to withdraw its $5.85 billion takeover offer for SanDisk. The shares of SanDisk declined by 30 percent after it reported dismal 2008 third-quarter earnings and the withdrawal of the Samsung offer. Samsung Chief Executive Yoon Woo Lee sent a letter to SanDisk expressing frustration at the failure to achieve progress on the transaction. SanDisk's board of directors issued a letter implying that Samsung may have ulterior motives in pursuing and then dropping the acquisition.
ACCESSION #
36603047

 

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