On Friday, flash media maker Lexar Media (LEXR) received a better revised takeover bid from Micron Technology (MU). The revised bid spots the all-inventory Trade offer you at around $ten a share, up marginally through the First bid.
But major shareholders such as billionaire Trader Carl Icahn coupled with hedge money and portfolio professionals have considered the Preliminary bid to get inappropriate. Elliott Associates believes the Preliminary bid “appreciably undervalues Lexar,” and feels Lexar is worth concerning $1.five billion and $two.four 소액결제정책 billion. The estimate is very well previously mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way too very low and should be rejected by shareholders. Micron hopes to pay out all-around 1.10x gross sales for Lexar whilst the market chief SanDisk (SNDK) is buying and selling at four.35x sales. Lexar also incorporates a $four hundred million patent infringement lawsuit from Toshiba that it had Earlier won but is now subject to an attractiveness by Toshiba.
Think it over this way, An effective $four hundred million settlement in favor of Lexar would equate to all around $four.83 for every share in additional funds to add to The present $0.54 in absolutely free funds just after personal debt that Lexar has. This means Micron would shell out fewer than $5 a share for Lexars assets, that's low.
There's also speculation that SanDisk is significantly considering taking a operate at attaining Lexar. This would make sense due to the fact SanDisk would https://www.washingtonpost.com/newssearch/?query=소액결제 solidify its Management place.
What's more, SanDisk has a detailed Functioning romantic relationship with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to accumulate Lexar.
Remain tune. A Distinctive shareholder Conference to overview the takeover bid continues to be moved to June sixteen. In my view, the $10 bid undervalues Lexar. Problem is will a white knight surface?