On Friday, flash media maker Lexar Media (LEXR) received a better revised takeover bid from Micron Engineering (MU). The revised bid sites the all-stock exchange offer you at around $10 a share, up marginally within the initial bid.
But important shareholders which include billionaire Trader Carl Icahn along with hedge funds and portfolio managers have considered the Preliminary bid to be inappropriate. Elliott Associates thinks the Original bid “noticeably undervalues Lexar,” and feels Lexar is well worth amongst $1.five billion and $two.four http://edition.cnn.com/search/?text=소액결제 billion. The estimate is nicely over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way much too small and needs to be rejected by shareholders. Micron hopes to shell out close to one.10x gross sales for Lexar while the industry leader SanDisk (SNDK) is investing at four.35x product sales. Lexar also provides a $400 million patent infringement lawsuit towards Toshiba that it experienced Beforehand received but is now subject to an attraction by Toshiba.
Consider it this fashion, a successful $400 million settlement in favor of Lexar would equate to close to $four.eighty three per share in more money to add to The existing $0.fifty four in no cost cash soon after financial debt that Lexar has. What this means is Micron would spend under $five a share for Lexars property, and that is low.
There exists also speculation that SanDisk is seriously considering taking a operate at obtaining Lexar. This would seem sensible considering the fact that SanDisk would solidify its Management situation.
What's more, SanDisk has a close working partnership with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to obtain Lexar.
Keep tune. A Specific shareholder Assembly to overview the takeover bid has been moved to 정보이용료 June 16. In my see, the $ten bid undervalues Lexar. Concern is will a white knight surface?