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Samsung in hostile bid for SanDisk

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Samsung has offered shareholders $26.00 per share for SanDisk, the company that pioneered flash memory. The hostile bid follows months of inconclusive negotiations between the companies.

However, yesterday's offer is less than an earlier one to pay more than $28.75 and SanDisk has warned shareholders that the new offer is not in their best interests.
SanDisk has been faring badly in a competitive market, and its share price is down to $13.06 compared to $55.98 a year ago.
The company employs about 3 000 people. Last year it reported revenue of $3,9-billion and profit of $218-million.