SanDisk says 'no thanks' to Samsung's 'opportunistic' $26-per-share offer

By Lisa Kerner

Charlotte, N.C., Sept. 17 - SanDisk Corp. rejected Samsung Electronics Co., Ltd.'s unsolicited, nonbinding proposal to acquire SanDisk for $26 per share, calling the offer "inadequate" and "opportunistic."

The offer is reportedly worth about $5.85 billion.

"In our view, this proposal fails to recognize the value of our patent portfolio, in particular to Samsung, our significant investments in our strategic partnerships, and our technology leadership in 3 and 4 bits per cell flash memory, advanced controllers and three dimensional semiconductor memory," SanDisk chairman and chief executive officer Eli Harari said in a company news release.

SanDisk was advised by Goldman Sachs and Morgan Stanley.

Samsung is a Seoul, South Korea, electronics company specializing in semiconductor, telecommunication, digital media and digital convergence technologies.

SanDisk develops, manufactures and markets NAND-based flash storage card products that are used in consumer electronics products. The company is located in Milpitas, Calif.

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