On Friday, flash media maker Lexar Media (LEXR) obtained the next revised takeover bid from Micron Know-how (MU). The revised bid places the all-inventory Trade supply at all-around $10 a share, up marginally from the Preliminary bid.
But big shareholders like billionaire investor Carl Icahn in addition to hedge funds and portfolio administrators have deemed the First bid to get inappropriate. Elliott Associates thinks the First bid “significantly undervalues Lexar,” and feels Lexar is value between $1.five billion and $two.four billion. The estimate is very well earlier mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way far too minimal and has to be rejected by shareholders. Micron would like to pay back all-around 1.10x revenue for Lexar when the market leader SanDisk (SNDK) is buying and selling at 4.35x revenue. Lexar also https://en.search.wordpress.com/?src=organic&q=소액결제 provides a $four hundred million patent infringement lawsuit towards Toshiba that it experienced previously 정보이용료 gained but has become subject matter to an attractiveness by Toshiba.
Think it over this way, A prosperous $400 million settlement in favor of Lexar would equate to all over $4.83 for every share in further funds so as to add to the current $0.fifty four in totally free money just after financial debt that Lexar has. This means Micron would spend a lot less than $5 a share for Lexars assets, which is very low.
There is also speculation that SanDisk is seriously thinking about using a run at getting Lexar. This could seem sensible considering that SanDisk would solidify its Management placement.
Also, SanDisk has a close Doing work romantic relationship with Toshiba, which could see SanDisk fall or decrease the settlement if it managed to amass Lexar.
Keep tune. A Distinctive shareholder Assembly to evaluate the takeover bid has long been moved to June sixteen. In my view, the $ten bid undervalues Lexar. Concern is will a white knight surface area?