SanDisk Corp is buying Fusion-io Inc for about $1.1 billion to bulk up its flash storage business and reduce its exposure to the volatile memory chip market.SanDisk's offer of $11.25 per share represents a premium of 21 percent to Fusion-io's Friday close.Fusion-io's shares were trading at $11.61 before the bell on Monday, suggesting that some investors were expecting a higher offer for the company.SanDisk's NAND flash memory chips are widely used in smartphones, cameras and other mobile devices to store music, pictures and other data.
Fusion-io Inc (Fusion) is a provider of datacenter solutions that accelerate databases, virtualization, cloud computing, big data, and the applications that help drive business from the smallest e-tailers to some of the largest data centers, social media leaders, and Fortune Global 500 businesses. Shares of FIO remained unchanged at $9.28. In the past year, the shares have traded as low as $7.77 and as high as $15.59. On average, 2716180 shares of FIO exchange hands on a given day and today's volume is recorded at 484647.
SanDisk Corporation designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies. Shares of SNDK remained unchanged at $98.47. In the past year, the shares have traded as low as $53.09 and as high as $100.81. On average, 3752740 shares of SNDK exchange hands on a given day and today's volume is recorded at 801.
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