Samsung no longer interested in SanDisk

Samsung no longer interested in SanDisk

South Korean tech giant Samsung has announced that they are now taking back their bid for SanDisk.

They had announced an acquisition offer worth $5.85 billion.

SanDisk had refused the offer stating that it was too low.

Samsung said that they are taking back the bid considering SanDisk is losing its value in the market.

Lee Yoon-woo, Samsung’s chief executive officer added in his statement to SanDisk: “After nearly six months of efforts to pursue a transaction with no meaningful progress, we are withdrawing our proposal to acquire SanDisk. 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”.