On Friday, flash media maker Lexar Media (LEXR) acquired a better revised takeover bid from Micron Technology (MU). The revised bid spots the all-inventory exchange offer you at about $ten a share, up marginally in the Original bid.
But important shareholders which include billionaire Trader Carl Icahn as well as hedge cash and portfolio managers have deemed the Original bid to become inappropriate. Elliott Associates believes the Original bid “substantially undervalues Lexar,” and feels Lexar is well worth concerning $one.five billion and $two.four billion. The estimate is effectively over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way too very low and should be rejected by shareholders. Micron really wants to spend all around one.10x sales for Lexar even though the market chief SanDisk (SNDK) is buying and selling at four.35x sales. Lexar also features a $400 million patent infringement lawsuit against Toshiba that it experienced Earlier gained but is currently issue to an attractiveness by Toshiba.
Think about it using this method, A prosperous $four hundred million settlement in favor of Lexar would equate to all over $four.eighty three for each share in supplemental cash so as to add to The existing $0.54 in totally free cash just after credit card debt that Lexar has. This means Micron would pay a lot less than $five a share for Lexars belongings, which is reduced.
You can find also speculation that SanDisk is critically contemplating getting a run at getting Lexar. This could sound right considering the fact that SanDisk would solidify its Management position.
What's more, SanDisk has an in depth Doing work marriage with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to obtain Lexar.
Keep tune. A Unique shareholder Conference to evaluation 소액결제정책 the takeover bid has https://en.search.wordpress.com/?src=organic&q=소액결제 been moved to June sixteen. In my perspective, the $10 bid undervalues Lexar. Question is will a white knight surface area?