San DISK

South Korea's Samsung Electronics has released to the public its letter sent on Sept. 16 to the board of directors at SanDisk (SNDK) expressing deep disappointment over a delay in its $5.85 billion cash offer for the U.S. flash memory-card maker.Shortly after Samsung disclosed the proposal, SanDisk issued a statement saying its board "unanimously rejects" the offer (although it did not rule out a deal at a better price.Samsung currently pays SNDK over $350 million a year in royalties to use patent flash technology. A takeover would result in reducing these costs and making use of SND's extensive knowledge in these fields.