On Friday, flash media maker Lexar Media (LEXR) received an increased revised takeover bid from Micron Technology (MU). The revised bid 소액결제정책 destinations the all-inventory exchange give at about $ten a share, up marginally through the First bid.
But significant shareholders which includes billionaire Trader Carl Icahn coupled with hedge funds and portfolio managers have deemed the First bid to generally be inappropriate. Elliott Associates believes the initial bid “noticeably undervalues Lexar,” and feels Lexar is value among $one.5 billion and $two.4 billion. The estimate is very well above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way also small and ought to be turned down by shareholders. Micron wishes to spend around one.10x revenue for Lexar though the market chief SanDisk (SNDK) is investing at four.35x product sales. Lexar also incorporates a $four hundred million patent infringement lawsuit towards Toshiba that it had Beforehand won but is currently topic to an enchantment by Toshiba.
Consider it in this way, a successful $400 million settlement in favor of Lexar would equate to all-around $4.eighty three per share in further cash so as to add to The present $0.54 in totally free dollars just after financial debt that Lexar has. This suggests Micron would fork out below $five a share for Lexars assets, and that is small.
There is certainly also speculation that SanDisk is severely thinking about using a run at acquiring Lexar. This could make sense considering that SanDisk would solidify its Management posture.
What's more, SanDisk has a https://en.search.wordpress.com/?src=organic&q=소액결제 detailed working romance with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to acquire Lexar.
Remain tune. A Specific shareholder Conference to evaluate the takeover bid is moved to June 16. In my check out, the $10 bid undervalues Lexar. Problem is will a white knight surface?