On Friday, flash media maker Lexar Media (LEXR) gained a greater revised takeover bid from Micron Technologies (MU). The revised bid destinations the all-stock Trade present at close to $ten a share, up marginally with the Preliminary bid.
But significant shareholders including billionaire investor Carl Icahn in conjunction with hedge funds and portfolio administrators have considered the First bid being inappropriate. Elliott Associates thinks the First bid “substantially undervalues Lexar,” and feels Lexar is worth in between $1.5 billion and $two.four billion. The estimate is very well earlier mentioned the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way as well small and really should https://en.search.wordpress.com/?src=organic&q=소액결제 be turned down by shareholders. Micron wants to pay out close to 1.10x product sales for Lexar when the industry leader SanDisk (SNDK) is trading at 4.35x sales. Lexar also incorporates a $400 million patent infringement lawsuit from Toshiba that it experienced Beforehand gained but is currently issue to an enchantment by Toshiba.
Think it over this way, An effective $400 million settlement in favor of Lexar would equate to close to $four.eighty three per share in extra hard cash so as to add to the current $0.54 in totally free cash right after financial debt that Lexar has. This implies Micron would pay out lower than $five a share for Lexars belongings, which happens to be reduced.
You can find also speculation that SanDisk is very seriously contemplating having a run at 소액결제정책 buying Lexar. This would seem sensible since SanDisk would solidify its Management placement.
Moreover, SanDisk has a close working romantic relationship with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to amass Lexar.
Remain tune. A Unique shareholder meeting to evaluate the takeover bid continues to be moved to June 16. In my look at, the $10 bid undervalues Lexar. Concern is will a white knight surface?