On Friday, flash media maker Lexar Media (LEXR) gained a higher revised takeover bid from Micron Technologies (MU). The revised https://en.wikipedia.org/wiki/?search=소액결제 bid spots the all-stock Trade offer at around $10 a share, up marginally with the Original bid.
But key shareholders which include billionaire Trader Carl Icahn along with hedge funds and portfolio supervisors have considered the Preliminary bid being inappropriate. Elliott Associates thinks the Original bid “significantly undervalues Lexar,” and feels Lexar is really worth in between $1.5 billion and $two.four billion. The estimate is perfectly above the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also minimal and really should be turned down by shareholders. Micron hopes to pay back around one.10x gross sales for Lexar even though the market leader SanDisk (SNDK) 소액결제정책 is buying and selling at 4.35x income. Lexar also includes a $four hundred million patent infringement lawsuit versus Toshiba that it had Earlier won but is currently subject to an enchantment by Toshiba.
Think about it this way, a successful $400 million settlement in favor of Lexar would equate to all around $4.83 for each share in added funds to add to the current $0.fifty four in totally free cash immediately after financial debt that Lexar has. This implies Micron would fork out under $five a share for Lexars belongings, and that is very low.
There is certainly also speculation that SanDisk is severely thinking about taking a operate at buying Lexar. This could seem sensible because SanDisk would solidify its leadership situation.
What's more, SanDisk has an in depth working connection with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to obtain Lexar.
Keep tune. A Distinctive shareholder meeting to evaluation the takeover bid has actually been moved to June 16. In my watch, the $10 bid undervalues Lexar. Question is will a white knight floor?