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This post was written by Minyanville contributor Bill Feingold.
With SanDisk (NASDAQ: SNDK) -- which turned down a $26 per share bid from Samsung last fall -- now talking about raising equity at well below half that price, I think shareholders are going to be beyond irate. In what appears to be one of the great breaches of fiduciary duty of all time, management belittled Samsung for being opportunistic, trying to take advantage of a depressed stock price.
Funny, I thought that once you go public, you have made a deal that you are willing to accept the market's opinion of your value. I guess Sandisk's management somehow acquired immunity and forgot to tell everyone else.
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