Samsung Electronics announced that it has sent a letter to the Board of Directors of SanDisk reiterating its proposal to acquire SanDisk for $26 per share in cash. Samsung claims that the combination of the companies would deliver substantial immediate and long-term value to shareholders of both companies. In a letter to SanDisk's board of directors, Samsung vice chairman and CEO Yoon-Woo Lee writes, "a combined Samsung-SanDisk would have a superior global brand, an unparalleled technology platform and the scale and resources to drive convergence in the marketplace." The companies had been in communication for several months about a possible merger before Samsung made the offer to purchase.
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