Samsung has withdrawn its offer to acquire SanDisk for $5.85 billion. The decision came after SanDisk continuously maintained that the $26 per share offer was inadequate and asked for an upwards revision. Yoon Woo Lee, vice chairman and CEO at Samsung Electronics, still clings onto the belief that “a combination of our two companies would have created a superior global brand, an unparalleled technology platform and the scale and resources to drive convergence in the marketplace.” In a letter to SanDisk’s board, Lee mentioned Samsung’s obligations towards its own shareholders and the volatile economic environment as the two main reasons for not revising the bid upwards.