On Friday, flash media maker Lexar Media (LEXR) acquired a greater revised takeover bid from Micron Technologies (MU). The revised bid places the all-stock Trade offer at all-around $10 a share, up marginally through the Preliminary bid.
But major shareholders like billionaire investor Carl Icahn as well as hedge resources and portfolio managers have considered the Original bid to get inappropriate. Elliott Associates thinks the initial bid “considerably undervalues Lexar,” and feels Lexar is worth between $one.5 billion and $2.four billion. The estimate is nicely earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also minimal and 소액결제정책 ought to be rejected by shareholders. Micron would like to pay out about one.10x product sales for Lexar even though the industry chief SanDisk (SNDK) http://www.bbc.co.uk/search?q=소액결제 is investing at four.35x revenue. Lexar also has a $four hundred million patent infringement lawsuit from Toshiba that it experienced Beforehand gained but is currently topic to an charm by Toshiba.
Think about it this way, a successful $four hundred million settlement in favor of Lexar would equate to around $4.83 per share in supplemental money to include to the current $0.fifty four in totally free cash just after financial debt that Lexar has. This implies Micron would spend less than $5 a share for Lexars property, that is reduced.
There may be also speculation that SanDisk is critically thinking about taking a operate at buying Lexar. This may seem sensible since SanDisk would solidify its leadership place.
Also, SanDisk has an in depth Performing romantic relationship with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to amass Lexar.
Keep tune. A Specific shareholder meeting to review the takeover bid has become moved to June sixteen. In my look at, the $ten bid undervalues Lexar. Concern is will a white knight surface?