Samsung Electronics vindicated rumors about its interest in acquiring SanDisk by publicly making a takeover bid on Tuesday. But SanDisk quickly rejected the takeover bid, which valued it at $5.85 billion - $26 per share, citing its 52-week high of $55/share.

But Samsung wasted little time in readying its response. Samsung’s CEO Yoon-Woo Lee reiterated his company’s original offer in a missive sent to SanDisk’s board. “The world has changed dramatically in the past 52 weeks as can be seen from SanDisk's own disappointing results,” he astutely derided SanDisk’s allusion to its 52-week high.

He called their attention to the fact that the offer is a “premium of 80% over your closing share price on September 15, 2008, and a 66% and 164% premium to your 30-day weighted average price and enterprise value as of September 4, 2008, respectively.”

This is going to be a game of cat and mouse just like the drama that played itself out between Microsoft and Yahoo; and EA and Take 2.

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