On Friday, flash media maker Lexar Media (LEXR) been given the next revised takeover bid from Micron Technological know-how (MU). The revised bid destinations the all-inventory exchange offer you at about $ten a share, up marginally from your Preliminary bid.
But http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 significant shareholders which include billionaire Trader Carl Icahn as well as hedge funds and portfolio professionals have deemed the initial bid to get inappropriate. Elliott Associates thinks the Preliminary bid “appreciably undervalues Lexar,” and feels Lexar is worth amongst $1.five billion and $two.four billion. The estimate is very well over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way far too low and has to be rejected by shareholders. Micron wants to fork out all over one.10x income for Lexar although the marketplace chief SanDisk (SNDK) is investing at 4.35x gross sales. Lexar also includes a $400 million patent infringement lawsuit towards Toshiba that it had Earlier gained but is currently topic to an charm by Toshiba.
Give it some thought this fashion, a successful $400 million settlement in favor of Lexar 소액결제현금화 would equate to all-around $four.eighty three per share in extra dollars to include to The existing $0.54 in free of charge cash soon after credit card debt that Lexar has. This implies Micron would pay back under $five a share for Lexars belongings, which is low.
There is certainly also speculation that SanDisk is seriously considering using a run at buying Lexar. This could make sense due to the fact SanDisk would solidify its Management posture.
Furthermore, SanDisk has an in depth Functioning marriage with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to accumulate Lexar.
Remain tune. A Unique shareholder Conference to evaluation the takeover bid has been moved to June 16. In my check out, the $ten bid undervalues Lexar. Dilemma is will a white knight area?