On Friday, flash media maker Lexar Media (LEXR) gained an increased revised takeover bid from Micron Technologies (MU). The revised bid destinations the all-inventory Trade provide at around $ten a 소액결제정책 share, up marginally with the First bid.
But important shareholders including billionaire investor Carl Icahn as well as hedge funds and portfolio managers have deemed the Original bid being inappropriate. Elliott Associates thinks the Preliminary bid “significantly undervalues Lexar,” and feels Lexar is truly worth amongst $one.five billion and $two.four billion. https://en.search.wordpress.com/?src=organic&q=소액결제 The estimate is properly previously mentioned the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way far too reduced and ought to be turned down by shareholders. Micron would like to shell out all around one.10x income for Lexar even though the industry leader SanDisk (SNDK) is investing at four.35x income. Lexar also features a $four hundred million patent infringement lawsuit in opposition to Toshiba that it experienced previously received but is currently topic to an attraction by Toshiba.
Consider it in this way, a successful $400 million settlement in favor of Lexar would equate to all-around $4.83 per share in further cash to add to The existing $0.54 in no cost income soon after credit card debt that Lexar has. This implies Micron would pay less than $five a share for Lexars belongings, which is small.
There is also speculation that SanDisk is severely thinking about taking a operate at obtaining Lexar. This might make sense considering the fact that SanDisk would solidify its Management posture.
In addition, SanDisk has an in depth Doing work romantic relationship with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to obtain Lexar.
Stay tune. A Specific shareholder Assembly to overview the takeover bid has actually been moved to June sixteen. In my perspective, the $10 bid undervalues Lexar. Concern is will a white knight floor?