SanDisk Corp., the world’s largest maker of memory cards used in digital cameras, surged the most in eight years in New York trading after Samsung Electronics Co. made a $5.85 billion hostile bid for the company.
Samsung offered $26 in cash for each SanDisk share, 73 percent more than their closing price Tuesday on the Nasdaq stock market. SanDisk rejected the offer.
A purchase would give Suwon, South Korea-based Samsung semiconductor patents held by SanDisk and help widen its lead over Toshiba Corp. in the $15 billion market for flash-memory chips that store songs and pictures in consumer electronics.
SanDisk, based in Milpitas, Calif., jumped $5.88, or 39 percent, to $20.92, the biggest advance since January 2000.
SanDisk said its board unanimously rejected Samsung’s offer as too low.
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Page compiled from Tribune staff, wire reports
