1 posts and columns on Yoon Woo Lee

SanDisk Shares Plunge as Samsung Withdraws Takeover Bid

in News on October 22, 2008 at 9:39 am PT

After six months of negotiation, Samsung has withdrawn its bid to acquire SanDisk at $26 a share. Samsung CEO Yoon Woon Lee expressed his “disappointment” and cited multiple reasons why the deal wouldn’t work–including a surprise announcement by SanDisk of a quarter-billion dollar operating loss. SanDisk, for its part, replied that it never got a reply to a letter rejecting Samsung’s bid as too low at $26 a share. All sound familiar?