On Friday, flash media maker Lexar Media (LEXR) gained a higher revised takeover bid from Micron Technological know-how (MU). The revised bid destinations the all-stock exchange offer you at all around $ten a share, up marginally from your Original bid.
But big shareholders which includes billionaire investor Carl Icahn along with hedge cash and portfolio administrators have considered the initial bid for being inappropriate. Elliott Associates thinks the Original bid “drastically undervalues Lexar,” and feels Lexar is worth involving $one.5 billion and $2.four billion. 정보이용료 The estimate is well earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way far too minimal and needs to be rejected by shareholders. Micron wants to shell out all over one.10x sales for Lexar while the industry chief SanDisk (SNDK) is trading at 4.35x profits. Lexar also features a $400 million patent infringement lawsuit versus Toshiba that it experienced Earlier received but is currently subject matter to an enchantment by Toshiba.
Give it some thought this fashion, a successful $400 million settlement in favor of Lexar would equate to around $4.83 for every share in more funds to add to the current $0.54 in free funds right after debt that http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 Lexar has. This means Micron would pay out below $5 a share for Lexars belongings, which happens to be reduced.
There is also speculation that SanDisk is very seriously thinking about getting a run at acquiring Lexar. This might sound right due to the fact SanDisk would solidify its leadership situation.
Furthermore, SanDisk has an in depth Functioning romance with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to acquire Lexar.
Continue to be tune. A Specific shareholder Assembly to critique the takeover bid has long been moved to June sixteen. In my see, the $10 bid undervalues Lexar. Concern is will a white knight floor?