Samsung withdraws bid to acquire SanDisk
Posted October 21, 2008 11:00 pm
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released Wednesday, Samsung Vice Chairman and CEO Lee Yoon-woo informed the SanDisk board that the offer was being withdrawn.
The letter said the offer was being withdrawn "after nearly six months of efforts to pursue a transaction with no meaningful progress."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."
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