On Friday, flash media maker Lexar Media (LEXR) acquired a better revised takeover bid from Micron Technology (MU). The revised bid locations the all-stock exchange supply at all over $ten a share, up marginally through the First bid.
But significant shareholders such as billionaire Trader Carl Icahn together with hedge money and portfolio managers have considered the initial bid being inappropriate. Elliott Associates believes the Preliminary bid “substantially undervalues Lexar,” and feels Lexar is worthy of in between $one.five billion and $2.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 too reduced and needs to be rejected by shareholders. Micron wants to fork out all-around one.10x gross sales for Lexar when the industry leader SanDisk (SNDK) is buying and selling at four.35x product sales. Lexar also features a $four hundred million patent infringement lawsuit towards Toshiba that it experienced Earlier gained but is currently matter to an appeal by Toshiba.
Think about it by doing this, a successful $400 million settlement in favor of Lexar would equate to around $four.eighty three per share in further income to add to The existing $0.fifty four in absolutely free income following personal debt that Lexar has. This implies Micron would pay back under $five a share for Lexars assets, that is minimal.
There is certainly also speculation that SanDisk is severely contemplating using a operate at buying Lexar. This may seem sensible due to the fact SanDisk would solidify its Management place.
Also, SanDisk has a detailed Functioning romance with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to obtain Lexar.
Continue to be tune. A Distinctive shareholder Conference to overview the takeover bid is moved to June 16. In my perspective, the $10 bid undervalues Lexar. Problem is will a white https://en.search.wordpress.com/?src=organic&q=소액결제 knight surface?
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