On Friday, flash media maker Lexar Media (LEXR) gained an increased revised takeover bid from Micron Technological know-how (MU). The revised bid spots the all-stock exchange offer at close to $10 a share, up marginally from the initial bid.
But https://www.washingtonpost.com/newssearch/?query=소액결제 significant shareholders which include billionaire Trader Carl Icahn in addition to hedge money and portfolio supervisors have considered the initial bid to get inappropriate. Elliott Associates believes the Preliminary bid “significantly undervalues Lexar,” and feels Lexar is truly worth involving $1.five billion and $2.4 billion. The estimate is perfectly over the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also small and must be turned down by shareholders. Micron wants to spend close to one.10x sales for Lexar although the industry leader SanDisk (SNDK) is trading at four.35x sales. Lexar also has a $400 million patent infringement lawsuit in opposition to Toshiba that it had Earlier gained but has become subject matter to an appeal by Toshiba.
Consider it this fashion, A prosperous $400 million settlement in favor of Lexar would equate to around $four.83 per share in more hard cash so as to add to The existing $0.fifty four in cost-free money soon after debt that Lexar has. This implies Micron would pay out a lot less than $five a share for Lexars belongings, which happens to be small.
You can find also speculation that SanDisk is very seriously considering getting a operate 소액결제정책 at buying Lexar. This might seem sensible because SanDisk would solidify its leadership place.
Moreover, SanDisk has an in depth Functioning romantic relationship with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to amass Lexar.
Keep tune. A special shareholder meeting to assessment the takeover bid has become moved to June sixteen. In my see, the $ten bid undervalues Lexar. Issue is will a white knight surface?