On Friday, flash media maker Lexar Media (LEXR) been given an increased revised takeover bid from Micron Technology (MU). The revised bid locations the all-inventory Trade offer you at close to $ten a share, up marginally through the Original bid.
But main shareholders like billionaire investor Carl Icahn in conjunction with hedge funds and portfolio administrators have considered the initial bid to generally be inappropriate. Elliott Associates thinks the First bid “significantly undervalues Lexar,” and feels Lexar is well worth among $1.five billion and $2.four billion. The estimate is perfectly earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way much too small and ought https://en.wikipedia.org/wiki/?search=소액결제 to be rejected by shareholders. Micron would like to shell out about one.10x gross sales for Lexar while the marketplace leader SanDisk (SNDK) is investing at four.35x sales. Lexar also 소액결제현금화 features a $400 million patent infringement lawsuit in opposition to Toshiba that it experienced Formerly received but has become matter to an appeal by Toshiba.
Give it some thought using this method, A prosperous $400 million settlement in favor of Lexar would equate to around $4.eighty three for every share in supplemental hard cash to include to The existing $0.54 in absolutely free money right after financial debt that Lexar has. This means Micron would pay back fewer than $5 a share for Lexars belongings, that's very low.
There's also speculation that SanDisk is significantly serious about taking a run at obtaining Lexar. This would seem sensible given that SanDisk would solidify its Management placement.
Furthermore, SanDisk has a detailed Doing the job marriage with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to obtain Lexar.
Remain tune. A Distinctive shareholder meeting to assessment the takeover bid has long been moved to June sixteen. In my view, the $10 bid undervalues Lexar. Problem is will a white knight floor?