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Article: United States : Samsung drops bid for SanDisk as mergers decline globally.
- Article from:
- TendersInfo
- Article date:
- October 23, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sanjayc03
Samsung Electronics, the technology conglomerate, dropped its $5.9 billion offer for SanDisk on Wednesday, citing the global financial turmoil and underscoring a decline in mergers and acquisitions that has hit a weakening technology sector hard.
In pulling its bid for SanDisk, a U.S. manufacturer of flash memory cards, Samsung, based in South Korea, also blamed SanDisks poor earnings and "a material deterioration in value" of its target.
Samsung may also have been deterred from pursuing the offer because Toshiba, of Japan, on Monday acquired 30 percent of the production capacity at two plants it owns jointly with SanDisk in ...