UPDATE 1-Samsung says definitely dropped SanDisk deal
(Adds details, background)
SEOUL, Sept 3 (Reuters) - Samsung Electronics Co Ltd (005930.KS) said on Thursday it had no intention of pursuing an acquisition of SanDisk Corp (SNDK.O) in the future, confirming that the $5.9 billion deal was dropped definitely.
"We are no longer planning to pursue the acquisition as there has been no progress since we withdrew our offer as of Oct. 22, 2008," said Samsung, the world's top maker of memory chips, in a filing with the Korea Exchange.
In March, when Samsung last commented on the issue, it only said that there had been no progress.
Flash memory company SanDisk last year spurned an unsolicited buyout offer from Samsung for $26 per share, saying it undervalued the company. Samsung dropped its bid in October, citing SanDisk's deepening losses and uncertain outlook.
If the deal had gone through, Samsung would have secured advanced technology and a tighter grip on the market for NAND flash memory chips, where it competes with Japanese rival Toshiba Corp (6502.T).
Since then Samsung renewed its NAND flash chip licence with SanDisk for seven years at a lower royalty. [ID:nSEO225692]
SanDisk shares last traded at $16.7. Samsung shares ended down 1.15 percent before the news in a flat Seoul market . (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)
