SanDisk Shares Plunge as Samsung Withdraws Takeover Bid

SanDisk (SNDK) shares are sharply lower this morning after Samsung withdrew its offer to acquire the company.

In a letter to SanDisk disclosed late yesterday, Samsung Electronics CEO Yoon Woo Lee said he is “disappointed” that the two companies could not reach an agreement. Here is the key part of the letter:

After nearly six months of efforts to pursue a transaction with no meaningful progress, we are withdrawing our proposal to acquire SanDisk. I am disappointed that we have been unable to reach an agreement on our proposal. I continue to believe that a combination of our two companies would have created a superior global brand, an unparalleled technology platform and the scale and resources to drive convergence in the marketplace.

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