In a public move, Samsung offered $26 per share to acquire SanDisk and add flash memory manufacturing to its repertoire. With the patents on flash memory technology that SanDisk holds, Samsung currently pays over $350 million in annual royalties, but by purchasing SanDisk, Samsung would no longer pay the costly fees and be more closely tied to the products using its chips. SanDisk did not feel that Samsung was adequately assessing the company’s value and declined the offer. However, it is willing to keep negotiations open, looking for an offer from Samsung that is equal to its believed worth.