On Friday, flash media maker Lexar Media (LEXR) obtained a higher revised takeover bid from Micron https://en.search.wordpress.com/?src=organic&q=소액결제 Technological know-how (MU). The revised bid destinations the all-inventory Trade offer at all over $ten a share, up marginally in the initial bid.
But big shareholders such as billionaire Trader Carl Icahn in addition to hedge cash and portfolio professionals have deemed the Original bid to generally be inappropriate. Elliott Associates believes the Preliminary bid “noticeably undervalues Lexar,” and feels Lexar is truly worth involving $1.five billion and $two.4 billion. The estimate is perfectly higher than the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also reduced and ought to be turned down by shareholders. Micron really wants to fork out all over 1.10x gross sales for Lexar whilst the industry chief SanDisk (SNDK) is buying and selling at 4.35x revenue. Lexar also incorporates a $four hundred million patent infringement lawsuit against Toshiba that it experienced previously received but is currently subject matter to an enchantment by Toshiba.
Think about it this fashion, A prosperous $four hundred million settlement in favor of Lexar would equate to about $4.83 for every share in further cash to incorporate to The existing $0.fifty four in free of charge hard cash immediately after financial debt that Lexar has. This suggests Micron would pay fewer than $5 a share for Lexars property, which can be very low.
You can find also speculation that SanDisk is very seriously considering using a operate at buying Lexar. This would seem sensible considering that SanDisk would solidify its Management situation.
Also, SanDisk has a detailed Doing the job romance with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to obtain Lexar.
Stay tune. A Particular shareholder Conference to evaluation the takeover bid has actually been moved to June 16. In 소액결제현금화 my see, the $10 bid undervalues Lexar. Problem is will a white knight area?