Updated below: This was first reported a couple weeks ago, and now it’s official… Korean electronics giant Samsung has made a $26 per share (about $5.85 billion in total) bid for memory card maker SanDisk (NSDQ: SNDK). In a statement, Samsung says it is “deeply disappointed” that after four months of negotiations, SanDisk has not agreed to a deal on friendly terms. The offer, which Samsung says is not contingent on any financing terms, represents a more than 80 percent premium to SanDisk’s September 15th close.

SEE ALSO: Samsung Looking At Buying Digital Memory Company SanDisk

Samsung’s letter, which is directed towards SanDisk CEO Eli Harari and Lead Independent Director Irwin Federman, talks up the benefits of combining SanDisk’s innovation and technology with Samsung’s scale: “We can also establish the platforms and capabilities necessary to position flash as the preferred vehicle for delivery and storage of a wide variety of content, such as film, in a way that would not be possible for either of our companies alone.”

Of course in addition to making memory cards, SanDisk has dabbled in gadgetry with its Sansa line of MP3 Players. Earlier this year it acquired music-over-WiFi player Musicgremlin. At this point, SanDisk hasn’t announced an official response, but something a long the line of “this offer undervalues the company” is likely forthcoming. But SanDisk is already up over 50 percent after hours, and given the deteriorating market/economic conditions, this could be a tough offer for SanDisk to resist. Release.

Updated: SanDisk has rejected the $5.85 billion takeover offer after its board determined the deal was “inadequate in multiple respects,” the company said. It said Samsung had indicated that “it might be willing to pay a significant premium” to SanDisk’s closing price of $28.75 per share on May 22, 2008, which it said was the date Samsung first approached SanDisk about a possible deal, reports AP. Samsung’s offer “is an opportunistic attempt to take advantage of SanDisk’s current stock price,” the SanDisk statement said. More details here.