On Friday, flash media maker Lexar Media (LEXR) gained the next revised takeover bid from http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 Micron Engineering (MU). The revised bid areas the all-stock Trade offer you at all around $ten a share, up marginally with the Original bid.
But important shareholders which includes billionaire Trader Carl Icahn in conjunction with hedge funds and portfolio administrators have considered the initial bid to get inappropriate. Elliott Associates believes the Original bid “noticeably undervalues Lexar,” and feels Lexar is truly worth amongst $one.5 billion and $two.4 billion. The 신용카드현금화 estimate is effectively above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way as well very low and should be turned down by shareholders. Micron wants to pay out around one.10x product sales for Lexar even though the market leader SanDisk (SNDK) is investing at 4.35x income. Lexar also incorporates a $four hundred million patent infringement lawsuit from Toshiba that it had previously gained but has become matter to an attractiveness by Toshiba.
Think it over in this way, A prosperous $four hundred million settlement in favor of Lexar would equate to all around $four.83 for each share in added funds to include to The present $0.54 in free hard cash right after personal debt that Lexar has. What this means is Micron would pay fewer than $five a share for Lexars property, which is minimal.
There is certainly also speculation that SanDisk is severely thinking about using a run at acquiring Lexar. This is able to sound right given that SanDisk would solidify its Management situation.
Also, SanDisk has an in depth Doing work relationship with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to amass Lexar.
Continue to be tune. A Particular shareholder Assembly to evaluate the takeover bid continues to be moved to June sixteen. In my perspective, the $ten bid undervalues Lexar. Query is will a white knight area?