Samsung has abandoned its bid to purchase SanDisk

By Stephen Silver

Samsung on Tuesday announced that it is abandoning its present bid to acquire SanDisk. According to the Associated Press, Samsung cited "growing uncertainties" in SanDisk's business.

The company did state it may still seek to acquire the company, but only at a lower price.

The move comes six months after Samsung made the $8.5 billion offer, which SanDisk had resisted throughout.

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Samsung Drops SanDisk Bid