SanDisk took only about 3 hours to respond.
"SanDisk's board has remained open to a transaction that recognizes SanDisk's long-term value and contains the right protections for SanDisk's shareholders," the company said in a statement to press members and analysts.
"We repeatedly outlined a clear path to hold further discussions, including most recently in our letter on Sept. 15, and Samsung consistently chose to ignore that path and, in fact, never contacted SanDisk regarding their proposal after we delivered our letter," SanDisk said. "We believe this raises questions about the real motivations behind Samsung's offer."
This is similar to a series of miscommunications involving the overtures Microsoft made to Yahoo in its two takeover attempts earlier this year.
"This has so far been quite a melodrama, and we anticipate further very significant announcements before the matter is put to rest," Objective Analysis principal analyst Jim Handy said in an e-mail brief. "With this there will probably be significant share price shifts at SanDisk. This is no market for the timid!"
This is good for Samsung, Handy noted.
"Samsung's stockholders will be rewarded if the company can acquire SanDisk at the lowest possible price. Today's announcement should help Samsung push SanDisk's share price lower, making it possible to acquire the company at a better deal than the $26 per share that Samsung previously offered," Handy said.