SanDisk (SNDK) Falls After Toshiba Said No Buyout
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After rising 25% yesterday on takeover talk, shares of SanDisk Corp. (Nasdaq: SNDK) are down 12% today after Toshiba said it has no plans to buy the company.
Yesterday's rise was related in part to rumors Toshiba could submit a bid for the company. There was also speculation Samsung could revive its takeover of the company.
In September, Samsung offered to acquire SanDisk for $26 per share but pulled the offer in October, citing the deterioration in SanDisk's business and its inability to reach an agreement. Shares of SanDisk have plummeted since.
Yesterday's rise was related in part to rumors Toshiba could submit a bid for the company. There was also speculation Samsung could revive its takeover of the company.
In September, Samsung offered to acquire SanDisk for $26 per share but pulled the offer in October, citing the deterioration in SanDisk's business and its inability to reach an agreement. Shares of SanDisk have plummeted since.
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