SanDisk's stock collapses as Samsung withdraws buyout offerBy Justin Mann
SanDisk's stock value took a nosedive yesterday following Samsung's decision to withdraw their offer to buy the company. Shortly after Samsung claimed that a lack of progress in discussions and financial losses on SanDisk's part killed the deal, shares of the flash memory manufacturer dropped nearly 31% in a single day.
While SanDisk certainly isn't alone in value losses, with many companies in the U.S. and around the world suffering financial setbacks, their loss was still significantly large. The company's stock value was down to $9.91 per share, a bit more than a third of the $26 Samsung originally offered. SanDisk rejected that bid earlier this year considering it was too low an offer, similar to how Yahoo and Microsoft have reacted to each other.