Filed under: Storage
Citing SanDisk's "rapidly declining prospects," Samsung has withdrawn its hostile takover bid. In a letter just released by Vice Chairman and CEO Lee Yoon-woo, Samsung writes, "After nearly six months of efforts to pursue a transaction with no meaningful progress, we are withdrawing our proposal to acquire SanDisk." The letter then turn a shade more nasty with this:
"Your surprise announcements of a quarter billion dollar operating loss, a hurried
