On Friday, flash media maker Lexar Media (LEXR) obtained the next revised takeover bid from Micron Technology (MU). The revised bid spots the all-stock Trade provide at all around $10 a share, up marginally through the First bid.
But important shareholders including billionaire investor Carl Icahn as well as hedge resources and portfolio administrators have deemed the initial bid for being inappropriate. Elliott Associates believes the First bid “substantially undervalues Lexar,” and feels Lexar is well worth concerning $1.five billion and $2.4 billion. The estimate is well above the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also low and ought to be rejected by shareholders. Micron wishes to fork out all-around one.10x sales for Lexar whilst the industry leader SanDisk (SNDK) is trading at four.35x gross sales. Lexar also includes a $400 million patent infringement lawsuit against Toshiba that it had previously received but is currently subject matter to an attractiveness by Toshiba.
Give it some thought in this manner, A prosperous $four hundred million settlement in favor of Lexar would equate to all-around $4.83 per share in further money to include to The existing $0.fifty four in totally free funds after credit card debt that Lexar has. This implies Micron would spend lower than $five a share for Lexars property, which can be reduced.
There is certainly also speculation that SanDisk is significantly serious about having https://en.wikipedia.org/wiki/?search=소액결제 a run at attaining Lexar. This might make sense given that SanDisk would solidify its Management position.
Also, SanDisk has a close Doing the job relationship with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to accumulate Lexar.
Keep tune. A Exclusive shareholder meeting to evaluate the takeover bid has actually been moved to June sixteen. In my look at, the $10 bid undervalues Lexar. Concern is will a white knight 신용카드현금화 surface area?