SanDisk, Samsung sign agreements on chip cross-licensing and flash memory
* The Associated Press
* On Wednesday May 27, 2009, 11:09 am EDT
SanDisk Corp. and Samsung Electronics Co. said Wednesday that they renewed their semiconductor cross-licensing agreement and struck a deal guaranteeing SanDisk a portion of Samsung's flash memory output.
The deal replaces an agreement that expires August 14 and runs for seven years.
The announcement sent shares of SanDisk, based in Milpitas, Calif., up $2.15, or 15.8 percent, to $15.72 in morning trading.
The companies did not disclose financial details of the arrangement.
South Korea-based Samsung is the world's largest supplier of NAND, a type of flash memory used in cell phones and digital cameras. The company offered last year to buy SanDisk for $26 a share. SanDisk rebuffed the offer and Samsung pulled out of its bid in October, after months of negotiations.
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