On Friday, flash media maker Lexar Media (LEXR) obtained a better revised takeover bid from Micron Engineering (MU). The revised bid spots the all-inventory Trade present at all around $ten a share, up marginally in the initial bid.
But major shareholders including billionaire Trader Carl Icahn together with hedge resources and portfolio professionals have deemed the 소액결제현금화 Original bid for being inappropriate. Elliott Associates believes the initial bid “appreciably undervalues Lexar,” and feels Lexar is really worth involving $1.five billion and $two.4 billion. The estimate is effectively higher than the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way way too very low and really should be turned down by shareholders. Micron would like to fork out all-around 1.10x sales for Lexar though the market leader SanDisk (SNDK) is investing at 4.35x profits. Lexar also has a $four hundred million patent infringement lawsuit towards Toshiba that it experienced Earlier received but is currently issue to an appeal by Toshiba.
Think it over by doing this, A prosperous $four hundred million settlement in favor of Lexar would equate to all around $four.83 for each share in extra income to include to the current $0.54 in cost-free cash immediately after debt that Lexar has. This implies Micron would http://edition.cnn.com/search/?text=소액결제 spend lower than $5 a share for Lexars property, which can be minimal.
There exists also speculation that SanDisk is very seriously considering having a operate at obtaining Lexar. This may seem sensible considering the fact that SanDisk would solidify its Management posture.
Additionally, SanDisk has a detailed Operating marriage with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to accumulate Lexar.
Continue to be tune. A Unique shareholder Conference to assessment the takeover bid has been moved to June 16. In my check out, the $10 bid undervalues Lexar. Concern is will a white knight floor?