On Friday, flash media maker Lexar Media (LEXR) acquired the next revised takeover bid from Micron Technologies (MU). The revised bid areas the all-stock exchange offer you at all over $ten a share, up marginally within the initial bid.
But main shareholders like billionaire Trader Carl Icahn in conjunction with hedge funds and portfolio professionals have considered the Preliminary bid to be inappropriate. Elliott Associates thinks the First bid “substantially undervalues Lexar,” and feels Lexar is worth among $1.5 billion and $two.4 billion. The estimate is perfectly over the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way much too lower and should 소액결제현금화 be turned down by shareholders. Micron wants to shell out close to 1.10x revenue for Lexar when the industry chief SanDisk (SNDK) is buying and selling at four.35x sales. Lexar also provides a $four hundred million patent infringement lawsuit versus Toshiba that it experienced previously gained but has become matter to an enchantment by Toshiba.
Consider it this way, A prosperous $400 million settlement in favor of Lexar would equate to close to $4.eighty three for every share in added income to include to the current $0.54 in no cost cash immediately after debt that Lexar has. This means Micron would fork out fewer than $five a share for Lexars property, and that is lower.
There is also speculation that SanDisk is critically serious about using a run at acquiring Lexar. This is able to make sense since SanDisk would solidify its Management position.
What's more, SanDisk has an in depth working romance http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to acquire Lexar.
Stay tune. A Distinctive shareholder Assembly to evaluate the takeover bid has actually been moved to June sixteen. In my watch, the $10 bid undervalues Lexar. Question is will a white knight surface area?