Ann: Becoming a substantial holder, page-81

Any effort to acquire 4DS Memory on the open market is highly likely to be leaked, causing a major surge in the share price.

The semiconductor industry is fiercely competitive, and strategic acquisitions can be particularly sensitive in terms of their potential impact on market dominance.

Example: Samsung’s desire to discreetly acquire 4DS Memory on the open market gets leaked to Micron, Intel and so on, this would be advantageous for shareholders but high risk to Samsung's strategic objective.

In the semiconductor industry, financial resources are abundant. Industry heavyweights will prefer boardroom negotiations along with an active trading halt during acquisitions. Paying a premium will never be an issue but risk to a strategic objective that is market disruptive will not be the approach.