Samsung withdraws bid to acquire SanDisk

SEOUL, South Korea _ Samsung Electronics Co. says it is withdrawing a bid to acquire U.S. flash memory card maker SanDisk Corp.

In a letter released Wednesday, Samsung Vice Chairman and CEO Lee Yoon-woo informed the SanDisk board that the offer was being withdrawn.

The letter said the offer was being withdrawn "after nearly six months of efforts to pursue a transaction with no meaningful progress."

SanDisk said last month it had rejected a takeover offer from Samsung after its board determined the deal was "inadequate in multiple respects."