On Friday, flash media maker Lexar Media (LEXR) gained a better revised takeover bid from Micron Technological know-how (MU). The revised bid sites the all-inventory exchange give at close to $10 a share, up marginally with the Original bid.
But significant shareholders together with billionaire investor Carl Icahn along with hedge cash and portfolio administrators have deemed the Original bid for being inappropriate. Elliott Associates believes the initial bid “considerably undervalues Lexar,” and feels Lexar is really worth in between $one.five billion and $2.four billion. The estimate is properly earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way far too lower and should be rejected by shareholders. Micron really wants to shell out about 1.10x product sales for Lexar although the industry chief SanDisk (SNDK) is buying and selling at 4.35x gross sales. Lexar also has a $four hundred million patent infringement lawsuit from Toshiba that it experienced Formerly received but is now subject matter to an charm by Toshiba.
Think http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 about it in this manner, An effective $400 million settlement in favor of Lexar would equate to close to $four.eighty three for every share in additional funds to incorporate to the current $0.fifty four in free cash following personal debt that Lexar has. What this means is Micron would pay fewer than $5 a share for Lexars property, and that is reduced.
You can find also speculation that SanDisk is severely thinking of taking a operate 신용카드현금화 at obtaining Lexar. This could sound right considering the fact that SanDisk would solidify its Management posture.
What's more, SanDisk has a close Operating romantic relationship with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to acquire Lexar.
Keep tune. A Distinctive shareholder Assembly to overview the takeover bid continues to be moved to June sixteen. In my look at, the $ten bid undervalues Lexar. Problem is will a white knight surface?