flash memory card maker

Samsung Electronics Co. said Wednesday it has withdrawn a $26 a share bid to acquire SanDisk Corp., but suggested it was still interested in buying the U.S. flash memory card maker at a lower price.

In a letter dated and released Wednesday, Samsung Vice Chairman and CEO Lee Yoon-woo informed SanDisk's board that "we are no longer interested in acquiring SanDisk at $26 a share."

The letter said the offer was being withdrawn "after nearly six months of efforts to pursue a transaction with no meaningful progress."