Samsung drops $6 billion hostile bid for Sandisk
A year ago, South Korean disk drive and flash memory chip maker Samsung gave up on months of negotiations to buy rival SanDisk, and made an unsolicited, hostile bid for the company valued at just short of six billion dollars. Observers suggested motives ranging from simple bargain-hunting in an economic downturn, to an attempt to create a flash memory company large enough to swat back Apple’s notoriously tough demands on price and exclusivity for the flash chips used in its iPhones and iPods. A month later, Samsung dropped the bid, while still looking for a way to make the purchase.
This morning, Samsung’s management confirmed to the Wall Street Journal that they have stopped trying to acquire SanDisk.
The two companies had also been on the brink of suing each other over technology patents. A licensing deal signed in May has put that risk to rest.
(By Paul Boutin | Venturebeat.com)
- Naiomi Solomon
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