On Friday, flash media maker Lexar Media (LEXR) acquired an increased revised takeover bid from Micron Technology (MU). The revised bid areas the all-inventory Trade present at about $ten a share, up marginally from your initial bid.
But major shareholders together with billionaire investor Carl Icahn together with hedge resources and portfolio managers have considered the initial bid to generally be inappropriate. Elliott Associates thinks the Original bid “appreciably undervalues Lexar,” and feels Lexar is well worth between $1.5 billion and $two.four billion. The estimate is properly over the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way way too very low and needs to be rejected by shareholders. Micron desires to pay out all around one.10x income for Lexar when the marketplace leader SanDisk (SNDK) is investing at four.35x sales. Lexar also incorporates a $400 million patent infringement lawsuit versus Toshiba that it experienced Beforehand received but has become topic to an attractiveness by Toshiba.
Think it over in this manner, a successful https://www.washingtonpost.com/newssearch/?query=소액결제 $400 million settlement in favor of Lexar would equate to about $four.eighty three per share in supplemental hard cash to include to the current $0.fifty four in free dollars soon after financial debt that Lexar has. This implies Micron would spend fewer 소액결제정책 than $5 a share for Lexars property, that's reduced.
There is also speculation that SanDisk is severely pondering getting a run at buying Lexar. This might seem sensible given that SanDisk would solidify its leadership place.
In addition, SanDisk has a close Operating connection with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to accumulate Lexar.
Remain tune. A Distinctive shareholder meeting to evaluate the takeover bid has become moved to June sixteen. In my see, the $ten bid undervalues Lexar. Issue is will a white knight surface area?