On Friday, flash media maker Lexar Media (LEXR) received a better revised takeover bid from Micron Technological know-how (MU). The revised bid places the all-stock exchange give at all-around $10 a share, up marginally from the Preliminary bid.
But major shareholders together with billionaire investor Carl Icahn together with hedge cash and portfolio administrators have considered the Preliminary bid to generally be inappropriate. Elliott Associates thinks the First bid “noticeably undervalues Lexar,” and feels Lexar is worth involving $1.five billion and $two.4 billion. The estimate is properly earlier mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way as well minimal and ought to be turned down by shareholders. Micron desires to fork out all-around one.10x profits for Lexar whilst the marketplace chief SanDisk (SNDK) is buying and selling at 4.35x profits. Lexar also incorporates a $400 million patent infringement lawsuit from Toshiba that it experienced Formerly gained but is now issue to an attraction by Toshiba.
Consider it in this manner, a http://www.bbc.co.uk/search?q=소액결제 successful $400 million settlement in favor of Lexar would equate to all over $4.83 for every share in further income to include to The present $0.54 in cost-free money after personal debt that Lexar has. What this means is Micron would spend under $5 a share for Lexars assets, that's minimal.
There's also speculation that SanDisk is very seriously thinking of having a operate at obtaining Lexar. This might make sense considering that SanDisk would solidify its leadership position.
Additionally, SanDisk has an in depth Doing work marriage with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to amass Lexar.
Keep tune. A special shareholder Assembly to http://xn--7y2br0oc8jnkbb1f.kr/ assessment the takeover bid continues to be moved to June sixteen. In my check out, the $ten bid undervalues Lexar. Issue is will a white knight area?