SAN FRANCISCO -- As Samsung and SanDisk ( SNDK) gird for the tech industry's latest hostile takeover battle, the swordplay is familiar. SanDisk CEO Eli Harari accused Samsung with its $26 a share bid of seeking to pick the company up on the cheap -- a 94% premium from its price earlier this month, but a steep discount from SanDisk's 52-week high of $55.98. While it's hard to fault Samsung for spotting a bargain and pouncing, Harari has a point that could carry some weight as shareholders mull the offer. Unlike other acquisition targets that claim they have been undervalued, Harari has one particularly cogent weapon on his side: the memory business' famous cyclicality. With a glut of NAND flash chips currently flooding the market, producers have seen their profits shrink and their stocks get pummeled. Like the old Weeble toys that never stay down though, the flash business always seems to correct itself in the end. "Although the stock market is highly disenchanted with the memory markets today, those who understand the nature of semiconductor cycles realize that once demand rises to absorb all of today's overcapacity, which indeed it will, prices will firm, profits will resume, and stock prices will soar," wrote Jim Handy, a memory analyst with market research firm Objective Analysis, in a note about the deal. According to Handy, who does not own SanDisk shares, that means it's not unreasonable to expect the stock to rebound to the level of its 52-week high, or higher.