On Friday, flash media maker Lexar Media (LEXR) gained a higher revised takeover bid from Micron Technological know-how (MU). The revised bid locations the all-stock Trade give at close to $10 a share, up marginally from the initial bid.
But major shareholders like billionaire investor Carl Icahn in conjunction with hedge funds and portfolio supervisors have deemed the Original bid for being inappropriate. Elliott Associates believes the initial bid “significantly undervalues Lexar,” and feels Lexar is really worth between $1.5 billion and $two.4 billion. The estimate is properly above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way too small and has to be turned down by shareholders. Micron wants to pay around one.10x sales for Lexar although the marketplace chief SanDisk (SNDK) is buying and selling at four.35x income. Lexar also includes a $four hundred million patent infringement lawsuit towards Toshiba that it experienced Earlier gained but is currently issue to an charm by Toshiba.
Think about it in this manner, a successful $four hundred million settlement in favor of Lexar would equate to close to $4.83 for each share in supplemental hard cash so as to add to The present $0.fifty four in absolutely free hard cash right after debt that Lexar has. This suggests http://edition.cnn.com/search/?text=소액결제 Micron would pay out a lot less than $five a share for Lexars property, and that is reduced.
There may be also speculation that SanDisk is severely thinking about having a operate at getting Lexar. This is able to 소액결제정책 seem sensible since SanDisk would solidify its Management posture.
In addition, SanDisk has a detailed Functioning connection with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to obtain Lexar.
Keep tune. A Specific shareholder Conference to evaluate the takeover bid has actually been moved to June sixteen. In my check out, the $10 bid undervalues Lexar. Issue is will a white knight surface area?