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Wednesday, 17 September 2008 06:38

Samsung makes offer for SanDisk

Written by David Stellmack

ImageImage

For nearly $6 billion

Samsung Electronics Co. Ltd., the world's top manufacturer of memory chips, has made an offer to acquire SanDisk Corporation. Samsung made its offer public after months of private, behind-the-scenes negotiations did not yield a deal.

Apparently, SanDisk is balking at the deal as it is reportedly unhappy with Samsung’s current $26 per share offer; in May, Samsung had previously offered nearly $29 per share, according to an undisclosed source familiar with SanDisk’s business dealings.

Earlier on Tuesday Toshiba Corporation announced that it was interested in making a deal or combination deal with SanDisk, but no definitive steps have yet been taken in that direction. After the announcement, SanDisk’s shares increased by 53 percent to $23 per share.

Samsung’s Chief Executive, Yoon-Woo Lee, expressed disappointment and frustration in a letter to SanDisk, stating that SanDisk was unrealistic as to its standalone market value and purchase price. Lee stated that the price offered by Samsung of $26 per share represented an 80 percent premium over SanDisk’s current per share price on Monday.

Samsung is quite interested in SanDisk, as the combination of the two companies would create a strong global brand that could aid in the expansion and adoption of flash memory technology. A merger would also significantly lessen Samsung’s licensing expenses if it gained control of SanDisk’s technology.

Last modified on Wednesday, 17 September 2008 08:01

David Stellmack

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