SanDisk's board has rejected a take-over approach from South Korean giant Samsung. A letter from SanDisk's Chairman and CEO to Samsung says the board considers the offer from the World's second-largest chip maker to undervalue its business. SanDisk announced, on September 5th, it had held talks with Samsung but described the latest offer as 'unsolicited' and 'opportunistically timed.' The offer would value the California, US-headquartered flash card maker at $5.8bn and would help Samsung reduce the technology licence fees it currently pays to SanDisk.
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SanDisk's board has rejected a take-over approach from South Korean giant Samsung. A letter from SanDisk's Chairman and CEO to Samsung says the board considers the offer from the World's second-largest chip maker to undervalue its business. SanDisk announced, on September 5th, it had held talks with Samsung but described the latest offer as 'unsolicited' and 'opportunistically timed.' The offer would value the California, US-headquartered flash card maker at $5.8bn and would help Samsung reduce the technology licence fees it currently pays to SanDisk.