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Sandisk [SNDK
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] is just the latest example of a struggling company that blew a chance for a buy-out. Both Yahoo! [YHOO
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SanDisk
As you might remember it was only September when Samsung proposed a $5.9 billion unsolicited bid for flash memory card maker SanDisk, that’s about $26/share. Now SanDisk is barely trading above $8.
Take-Two
It was also late last year when Take-Two Interactive refused a hostile takeover offer from rival Electronic Arts for about $2 billion or $25.74/share. The companies had been dancing around various offers for almost 6 months. Now Take-Two trades around $6.
Yahoo!
And who can forget Microsoft’s bid for Yahoo! last spring. Microsoft initially offered $31 per share for Yahoo, then $33, but Microsoft withdrew from the talks after then Yahoo CEO Jerry Yang dug in for a price of $37 a share. At Tuesday's close Yahoo! was trading around $12.
The Fast Money traders are just baffled. “It seems like the CEOs blew the call,” muses Jon Najarian. Karen Finerman agrees. “These companies just overplayed their hands.”
COMPANY SUITOR OFFER DATE
Sandisk Samsung $26/share 9/16/2008
Yahoo Microsoft $31/share 2/2/2008
Take-Two Electronic Arts $25/share 2/25/2008
- Your First Move For Thursday November 12th
- Web Extra: How To Play Wal-Mart Earnings
- Cisneros Gives An Outlook on Housing
- What's the Next Big Acquisition in Technology?
- The Market Reacts To HP's $2.7 Billion Acquisition
- HALFTIME REPORT: Plays for a Dollar-Dominated Market
- Your First Move For Wednesday November 11th
- Web Extra: The Best Trades In Tech
- Pops & Drops: UPS, Electronic Arts...
- Take Your Position: Retail Earnings
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Trader disclosure: On Feb. 3rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE): Macke Owns (ERTS), (TM), (DIS), (MS), (SDS): Macke Owns (ERTS) Calls: Finerman's Firm Owns (DNA) & (DNA) Call Spread: Finerman's Firm Owns (MSFT), (TYC), (IBB), (XBI), (TBT): Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (BBT): J. Najarian Owns (WFC) Preferred; J. Najarian Owns (BAC) Preferred; J. Najarian Owns (C) Preferred; J. Najarian Owns (FCX) & (FCX) Long Calls; J. Najarian Owns (GDX); J. Najarian Owns (JPM) Preferred; J. Najarian Owns Gold Futures; J. Najarian Owns (ISRG) Call Spread
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