Press release
SanDisk Corporation (NASDAQ: SNDK), the world's largest supplier of flash storage card products, today issued the following statement in response to Samsung Electronics Co., Ltd's (KSE: 005930) announcement that it has withdrawn its unsolicited, non-binding proposal to acquire SanDisk for $26 per share in cash:
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.
SanDisk has a strong brand, strategic partners, dedicated team, broad channels, fundamental next-generation IP and a highly competitive cost structure. Going forward, we remain committed to diligently executing against our business strategy and will continue to take appropriate steps to weather the current macroeconomic environment and ensure SanDisk's long-term success.
