On Friday, flash media maker Lexar Media (LEXR) gained a better revised takeover bid from Micron Technological innovation (MU). The revised bid locations the all-inventory exchange supply at all over $10 a share, up marginally within the Original bid.
But major shareholders which include billionaire Trader Carl Icahn in conjunction with hedge funds and portfolio professionals have considered the First bid being inappropriate. 소액결제정책 Elliott Associates believes the Original bid “appreciably undervalues Lexar,” and feels Lexar is value concerning $one.five billion and $two.four billion. The estimate is properly earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way far too low and needs to be rejected by shareholders. Micron hopes to fork out all around 1.10x income for Lexar though the marketplace leader SanDisk (SNDK) is buying and selling at 4.35x gross sales. Lexar also incorporates a $four hundred million patent infringement lawsuit against Toshiba that it experienced Beforehand gained but is currently topic to an attractiveness by Toshiba.
Think it over this way, An effective $400 million settlement in favor of Lexar would equate to close to $four.83 for every share in additional dollars to incorporate to The present $0.fifty four in cost-free money soon after debt that Lexar has. This implies Micron would spend lower than $five a share http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 for Lexars property, which is small.
There may be also speculation that SanDisk is critically considering getting a operate at attaining Lexar. This is able to make sense due to the fact SanDisk would solidify its leadership place.
What's more, SanDisk has an in depth Functioning romance with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to accumulate Lexar.
Stay tune. A Exclusive shareholder Conference to evaluation the takeover bid has long been moved to June 16. In my watch, the $10 bid undervalues Lexar. Concern is will a white knight area?