SanDisk Gets Buyout Offer (Update)

SanDisk(SNDK Quote), shares surged more than 50% in extended trading Tuesday, after Samsung went public with an offer to purchase the chipmaker for $26 a share.

In an announcement after Tuesday's close of market, Samsung sought to turn the heat up on SanDisk by laying its case out to shareholders as discussions between the two companies appeared to have reached an impasse.

After four months of negotiations, SanDisk "continues to cling to unrealistic expectations on both its standalone market value and an appropriate merger price," Samsung CEO Yoon-Woo Lee said in a letter to SanDisk's board of directors dated Sept. 17. ...