On Friday, flash media maker Lexar Media (LEXR) obtained a greater revised takeover bid from Micron Technological know-how (MU). The revised bid areas the all-stock Trade present at all 정보이용료 over $ten a share, up marginally with the initial bid.
But major shareholders like billionaire investor Carl Icahn as well as hedge resources and portfolio professionals have considered the First bid being inappropriate. Elliott Associates thinks the initial bid “substantially undervalues Lexar,” and feels Lexar is really worth between $one.5 billion and $two.four billion. The estimate is effectively earlier mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way way too reduced and really should be rejected by shareholders. Micron hopes to fork out close to one.10x product sales for Lexar while the industry leader SanDisk (SNDK) is investing at 4.35x sales. Lexar also features a $400 million patent infringement lawsuit from Toshiba that it experienced Earlier received but is now topic to an attraction by Toshiba.
Think it over using this method, a successful $four hundred million settlement in favor of Lexar would equate to all-around $four.eighty three per share in supplemental money to incorporate to the current $0.fifty four in totally free cash soon after financial debt that Lexar has. This suggests Micron would pay out fewer than $5 a share for Lexars assets, which can https://www.washingtonpost.com/newssearch/?query=소액결제 be low.
There may be also speculation that SanDisk is severely pondering taking a operate at acquiring Lexar. This is able to sound right since SanDisk would solidify its Management placement.
In addition, SanDisk has an in depth Doing the job romantic relationship with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to amass Lexar.
Remain tune. A Specific shareholder Assembly to critique the takeover bid has actually been moved to June sixteen. In my look at, the $10 bid undervalues Lexar. Query is will a white knight area?