Samsung has reportedly dropped its $5.9 billion bid for SanDisk. According to Reuters, Samsung CEO Lee Yoon-woo wrote a letter to SanDisk management, informing them that due to their third quarter loss and recent renegotiation with Toshiba, Samsung is no longer interested in acquiring SanDisk at $26 per share.
"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," Samsung CEO Lee Yoon-woo wrote to SanDisk management in a letter disclosed on Wednesday.
"As a result of these developments, we are no longer interested in acquiring SanDisk at $26 a share."
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