SAN JOSE (CN) – Sandisk shareholders are fighting Samsung’s offer to buy Sandisk for $26 per share, or $5.9 billion. Sandisk directors on Tuesday rejected Samsung’s offer – a 94% premium over the pre-offer share price. Market-watchers expect Toshiba to make a counter-offer for the maker of flash memory discs.
Toshiba and Sandisk have two joint ventures in research and development.
The plaintiff shareholders are represented in Santa Clara County Court by Bruce Murphy of Vero Beach, Fla.