On Friday, flash media maker Lexar Media (LEXR) acquired a greater revised takeover bid from http://www.bbc.co.uk/search?q=소액결제 Micron Technological innovation (MU). The revised bid areas the all-inventory exchange offer you at all over $ten a share, up marginally through the Preliminary bid.
But main shareholders including billionaire Trader Carl Icahn as well as hedge money and portfolio administrators have considered the First bid to generally be inappropriate. Elliott Associates thinks the First bid “noticeably undervalues Lexar,” and feels Lexar is really worth between $1.five billion and $2.four billion. The estimate is perfectly previously mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way way too very low and should be turned down by shareholders. Micron hopes to pay all over 1.10x gross sales for Lexar even though the marketplace leader SanDisk (SNDK) is investing at four.35x gross sales. Lexar also incorporates a $four hundred million patent infringement lawsuit from Toshiba that it experienced Formerly gained but is currently issue to an appeal by Toshiba.
Give it some thought in this way, An effective $400 million settlement in favor of Lexar would equate to close to $4.eighty three per share in additional income so as to add to The present $0.54 in cost-free money immediately after personal debt that Lexar has. This means Micron would pay lower than $five a share for Lexars property, that is low.
There exists also speculation that SanDisk is critically thinking of taking a run at acquiring Lexar. This might seem sensible considering the fact that SanDisk would solidify its Management placement.
Additionally, SanDisk has a detailed Operating marriage with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to 정보이용료 amass Lexar.
Stay tune. A Particular shareholder meeting to assessment the takeover bid continues to be moved to June 16. In my check out, the $10 bid undervalues Lexar. Concern is will a white knight surface area?