On 소액결제정책 Friday, flash media maker Lexar Media (LEXR) been http://www.thefreedictionary.com/소액결제 given a better revised takeover bid from Micron Engineering (MU). The revised bid sites the all-inventory Trade give at around $10 a share, up marginally through the initial bid.
But big shareholders like billionaire investor Carl Icahn along with hedge money and portfolio supervisors have deemed the Original bid to get inappropriate. Elliott Associates believes the initial bid “significantly undervalues Lexar,” and feels Lexar is worth involving $one.five billion and $2.four billion. The estimate is nicely over the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way way too reduced and should be turned down by shareholders. Micron would like to fork out around one.10x sales for Lexar even though the industry chief SanDisk (SNDK) is trading at four.35x profits. Lexar also has a $400 million patent infringement lawsuit in opposition to Toshiba that it experienced Earlier won but has become subject to an attractiveness by Toshiba.
Consider it by doing this, a successful $400 million settlement in favor of Lexar would equate to all-around $four.83 per share in extra hard cash to add to the current $0.fifty four in totally free dollars just after debt that Lexar has. This implies Micron would shell out a lot less than $5 a share for Lexars property, which is small.
You can find also speculation that SanDisk is severely thinking about using a run at getting Lexar. This is able to seem sensible because SanDisk would solidify its Management place.
In addition, SanDisk has an in depth working romantic relationship with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to amass Lexar.
Remain tune. A special shareholder Assembly to overview the takeover bid has become moved to June sixteen. In my watch, the $ten bid undervalues Lexar. Concern is will a white knight area?