SanDisk shares soar on buyout rumors
Flash memory maker's stock rises in morning trading amid speculation that Samsung may make another play for the company, with an assist from Toshiba.
SanDisk shares rose sharply Friday morning, as speculation surfaced that Samsung and Toshiba are interested in a buyout of the company.
SanDisk soared 11 percent to close at $11.05 a share, following a report in the EETimes.
The article, citing unnamed sources, said Samsung, which last year launched an unsuccessful bid for the company, and SanDisk's joint-manufacturing partner Toshiba are both interested in making a bid for the flash memory maker.
Last year, when Samsung made an unsolicited bid for the company, it offered SanDisk $5.85 billion for the company. SanDisk had rejected Samsung's overtures, citing the $26 a share offer as inadequate.
In late October, Samsung withdrew its offer, saying it had made no progress in its six-month effort to acquire the company.
A SanDisk spokesman declined to comment Friday. Representatives from Samsung and Toshiba were not immediately available for comment