On Friday, flash media maker Lexar Media (LEXR) obtained a better revised takeover bid from Micron Engineering (MU). The revised bid destinations https://www.washingtonpost.com/newssearch/?query=소액결제 the all-inventory exchange offer at all-around $ten a share, up marginally with the First bid.
But main shareholders which includes billionaire investor Carl Icahn coupled with hedge funds and portfolio professionals have deemed the Original bid for being inappropriate. Elliott Associates believes the Original bid “significantly undervalues Lexar,” and feels Lexar is truly worth concerning 소액결제현금화 $1.five billion and $2.four billion. The estimate is nicely over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way much too low and must be rejected by shareholders. Micron really wants to pay out about one.10x gross sales for Lexar although the marketplace leader SanDisk (SNDK) is investing at four.35x product sales. Lexar also has a $four hundred million patent infringement lawsuit versus Toshiba that it experienced Formerly gained but is now subject matter to an charm by Toshiba.
Give it some thought in this way, A prosperous $four hundred million settlement in favor of Lexar would equate to all around $four.83 for every share in further hard cash to include to the current $0.54 in no cost income just after personal debt that Lexar has. This implies Micron would shell out below $5 a share for Lexars belongings, that is minimal.
You can find also speculation that SanDisk is severely pondering having a operate at attaining Lexar. This would seem sensible given that SanDisk would solidify its Management placement.
Furthermore, SanDisk has an in depth Performing marriage with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to obtain Lexar.
Keep tune. A Distinctive shareholder Conference to review the takeover bid has actually been moved to June sixteen. In my check out, the $ten bid undervalues Lexar. Concern is will a white knight surface?