On Friday, flash media maker Lexar Media (LEXR) obtained the next revised takeover bid from Micron Engineering (MU). The revised bid places the all-inventory Trade offer you at about $10 a share, up marginally in the Original bid.
But main shareholders which include billionaire Trader Carl Icahn in addition to hedge resources and portfolio managers have considered the Original bid being inappropriate. Elliott Associates believes the Original bid “appreciably undervalues Lexar,” and feels Lexar is value among $one.five billion and $two.4 billion. The estimate is properly over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way too reduced and needs to be rejected by shareholders. Micron wishes to pay out about one.10x sales for Lexar though the industry leader SanDisk (SNDK) is investing at 4.35x profits. Lexar also provides a $400 million patent infringement lawsuit in opposition to Toshiba that it had Formerly won but is now subject matter to an charm by Toshiba.
Think about it this fashion, An effective $four hundred 신용카드현금화 million settlement in favor of Lexar would equate to around $four.eighty three for every share in supplemental cash to incorporate to The present $0.fifty four in totally free funds immediately after financial debt that Lexar has. This implies Micron would fork out below $five a share for Lexars belongings, which happens to be reduced.
You can find also speculation that SanDisk is very seriously pondering having a run at attaining Lexar. This might make sense given that SanDisk would solidify its Management position.
In addition, SanDisk has a detailed Functioning connection with Toshiba, which could see SanDisk fall or reduce the settlement http://edition.cnn.com/search/?text=소액결제 if it managed to acquire Lexar.
Stay tune. A Specific shareholder Conference to evaluation the takeover bid has been moved to June sixteen. In my view, the $ten bid undervalues Lexar. Problem is will a white knight area?