On Friday, flash media maker Lexar Media (LEXR) http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 acquired a better revised takeover bid from Micron Technologies (MU). The revised bid places the all-stock exchange offer at close to $ten a share, up marginally in the Preliminary bid.
But significant shareholders together with billionaire Trader Carl Icahn together with hedge cash and portfolio administrators have deemed the initial bid to get inappropriate. 신용카드현금화 Elliott Associates believes the Original bid “noticeably undervalues Lexar,” and feels Lexar is truly worth amongst $one.5 billion and $2.4 billion. The estimate is nicely higher than the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way too small and really should be turned down by shareholders. Micron wishes to spend about 1.10x product sales for Lexar when the marketplace chief SanDisk (SNDK) is trading at four.35x gross sales. Lexar also incorporates a $four hundred million patent infringement lawsuit towards Toshiba that it experienced Earlier gained but is now topic to an attractiveness by Toshiba.
Consider it in this way, An effective $400 million settlement in favor of Lexar would equate to around $four.83 for each share in extra income to add to the current $0.fifty four in free of charge money immediately after debt that Lexar has. This suggests Micron would pay below $5 a share for Lexars assets, and that is small.
There is also speculation that SanDisk is severely considering having a run at obtaining Lexar. This might seem sensible considering that SanDisk would solidify its leadership place.
Moreover, SanDisk has a detailed Doing the job partnership with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to acquire Lexar.
Remain tune. A Exclusive shareholder Assembly to evaluate the takeover bid has actually been moved to June 16. In my view, the $10 bid undervalues Lexar. Concern is will a white knight floor?