On Friday, flash media maker Lexar Media (LEXR) gained a higher revised takeover bid from Micron Know-how (MU). The revised bid sites the all-stock Trade supply at around $10 a share, up marginally from the Preliminary bid.
But significant shareholders such as billionaire Trader Carl Icahn https://www.washingtonpost.com/newssearch/?query=소액결제 as well as hedge money and portfolio professionals have considered the First bid to generally be inappropriate. Elliott Associates thinks the Original bid “substantially undervalues Lexar,” and feels Lexar is truly worth concerning $one.5 billion and $two.four billion. The estimate is nicely previously mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way too small and has to be rejected by shareholders. Micron wants to shell out all over 1.10x income for Lexar whilst the market leader SanDisk (SNDK) is buying and selling at 4.35x gross sales. Lexar also features a $four hundred million patent infringement lawsuit from Toshiba that it had Beforehand gained but is now matter to an enchantment by Toshiba.
Consider it this fashion, a successful $400 million settlement in favor of Lexar would equate to close to $4.83 per share in further income to add to The present $0.54 in totally free money immediately after personal debt that Lexar has. This implies Micron would spend below $five a share for Lexars property, that's lower.
There may be also speculation that SanDisk is very seriously thinking about taking a run at getting Lexar. This could seem sensible because SanDisk would solidify its leadership situation.
Furthermore, SanDisk has an in depth Operating marriage with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to obtain Lexar.
Keep tune. A special 정보이용료 shareholder meeting to overview the takeover bid has long been moved to June sixteen. In my see, the $10 bid undervalues Lexar. Query is will a white knight surface area?