Date: 26/10/2008

Samsung steps back from acquiring SanDisk

Samsung Electronics announced that it has withdrawn its proposal to acquire all of the outstanding shares of SanDisk Corporation. Here are the few quotes from the letter written by Samsung's CEO Yoon Woo Lee to SanDisk's CEO Dr. Eli Harari.

1. "We squarely face the growing uncertainties in your business, which may continue to deteriorate in this difficult economic environment and further impact your standalone value."
2. "Your surprise announcements of a quarter billion dollar operating loss, a hurried renegotiation of your relationship with Toshiba and major job losses across your organization all point to a considerable increase in your risk profile and a material deterioration in value, both on a stand-alone basis as well as to Samsung"