Just in case you haven’t been paying attention, here’s the skinny: Samsung offered to by SanDisk for $26 per share in cash which is promptly turned down by a unanimous BoD vote. We explain why Samsung wants SanDisk, and then yesterday, Samsung withdrew its bid.
From the start of this process SanDisk’s Board has remained open to a transaction that recognizes SanDisk’s long-term value and contains the right protections for SanDisk’s shareholders. We repeatedly outlined a clear path to hold further discussions, including most recently in our letter on September 15, and Samsung consistently chose to ignore that path and, in fact, never contacted SanDisk regarding their proposal after we delivered our letter. We believe this raises questions about the real motivations behind Samsung’s offer.