Samsung Electronics withdraws SanDisk buyout plan

SEOUL, Oct. 22 (Yonhap) -- Samsung Electronics Co., the world's largest maker of
computer memory chips, said Wednesday it scrapped its bid to purchase U.S. flash
memory giant SanDisk Corp.
"Considering the recent financial crisis and Sandisk's weak performance... (we)
announce an official withdrawl of our offer to acquire SanDisk," Samsung said in
a regulatory filing.
Samsung, the world's largest producer of computer memory chips, made a US$5.85
billion bid to take over SanDisk, which makes flash memory chips. But the
Milpitas, California-based company rebuffed Samsung's offer last month, saying
it appeared "opportunistic" and undervalued the company.