On Friday, flash media maker Lexar Media (LEXR) acquired a greater revised takeover bid from Micron Engineering (MU). The revised bid sites the all-stock exchange provide at around $ten a share, up marginally from your Original bid.
But big shareholders including billionaire Trader Carl Icahn in addition to hedge resources and portfolio supervisors have deemed the initial bid to get inappropriate. Elliott Associates thinks the First bid “considerably undervalues Lexar,” and feels Lexar is really worth between $one.five billion and $2.four billion. The estimate is very well previously mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way as well small and should be rejected by shareholders. Micron hopes 정보이용료 to fork out around 1.10x revenue for Lexar whilst the market chief SanDisk (SNDK) is investing at 4.35x product sales. Lexar also has a $four hundred million patent infringement lawsuit towards Toshiba that it had Beforehand gained but is currently issue to an enchantment by Toshiba.
Think about it by doing this, A prosperous $400 million settlement in favor of Lexar would equate to all around $four.83 for every share in supplemental funds to include to the current $0.fifty four in no cost hard cash immediately after debt that Lexar has. What this means is Micron would spend below $5 a share for Lexars property, that's lower.
There is certainly also speculation that SanDisk https://www.washingtonpost.com/newssearch/?query=소액결제 is very seriously contemplating using a operate at buying Lexar. This may seem sensible considering the fact that SanDisk would solidify its Management place.
Also, SanDisk has a detailed Doing work marriage with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to accumulate Lexar.
Keep tune. A special shareholder Conference to review the takeover bid has been moved to June 16. In my see, the $10 bid undervalues Lexar. Problem is will a white knight area?