On Friday, flash media maker Lexar Media (LEXR) been given an increased revised takeover bid from Micron Technology (MU). The 정보이용료 revised bid destinations the all-inventory exchange supply at close to $ten a share, up marginally from your Original bid.
But key shareholders which include billionaire investor Carl Icahn as well as hedge money and portfolio professionals have considered the initial bid to be inappropriate. Elliott Associates believes the Preliminary bid “noticeably undervalues Lexar,” and feels Lexar is really worth among $one.five billion and $two.4 billion. The estimate is nicely higher than the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way also low and ought to be rejected by shareholders. Micron would like to shell out all around 1.10x product sales for Lexar when the marketplace chief SanDisk (SNDK) is investing at 4.35x sales. Lexar also http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 includes a $400 million patent infringement lawsuit versus Toshiba that it experienced Formerly gained but has become subject matter to an charm by Toshiba.
Consider it in this manner, An effective $four hundred million settlement in favor of Lexar would equate to about $four.83 for each share in further hard cash to incorporate to The present $0.fifty four in cost-free funds just after debt that Lexar has. This suggests Micron would shell out a lot less than $five a share for Lexars assets, which can be reduced.
You can find also speculation that SanDisk is significantly thinking of getting a run at getting Lexar. This might sound right given that SanDisk would solidify its leadership place.
What's more, SanDisk has a close Performing marriage with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to acquire Lexar.
Stay tune. A special shareholder Conference to assessment the takeover bid has actually been moved to June sixteen. In my see, the $10 bid undervalues Lexar. Issue is will a white knight area?