On Friday, flash media maker Lexar Media (LEXR) received a greater revised takeover bid from Micron Technological know-how (MU). The revised bid destinations the all-stock Trade provide at around $ten a share, up marginally from the Preliminary bid.
But key shareholders such as billionaire Trader Carl Icahn together with hedge resources and portfolio supervisors have considered the Original bid to get inappropriate. Elliott Associates https://en.wikipedia.org/wiki/?search=소액결제 believes the First bid “appreciably undervalues Lexar,” and feels Lexar is worth among $1.5 billion and $2.four billion. The estimate is well previously mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also minimal and ought to be turned down by shareholders. Micron really wants to fork out close to 1.10x income for Lexar whilst the marketplace chief SanDisk (SNDK) is buying and selling at four.35x gross sales. Lexar also features a $four hundred million patent infringement lawsuit towards Toshiba that it had previously gained but has become subject to an attractiveness by Toshiba.
Consider it in this manner, An effective $400 million settlement in favor of Lexar would equate to close to $four.eighty three for every share in added income to add to The existing $0.54 in totally free money just after debt that Lexar has. This suggests Micron would pay back less than $5 a share for Lexars assets, and website that is lower.
There is certainly also speculation that SanDisk is seriously thinking of using a run at getting Lexar. This might sound right given that SanDisk would solidify its leadership place.
What's more, SanDisk has a close Operating romantic relationship with Toshiba, which could see SanDisk fall or decrease the settlement if it managed to obtain Lexar.
Stay tune. A special shareholder Assembly to review the takeover bid continues to be moved to June sixteen. In my perspective, the $10 bid undervalues Lexar. Dilemma is will a white knight floor?