On Friday, flash media maker Lexar Media (LEXR) acquired a better revised takeover bid from Micron Engineering (MU). The revised bid destinations the all-inventory exchange give at close to $ten a share, up marginally from 소액결제현금화 the Preliminary bid.
But major shareholders including billionaire Trader Carl Icahn coupled with hedge cash and portfolio administrators have considered the First bid being inappropriate. Elliott Associates believes the initial bid “substantially undervalues Lexar,” and feels Lexar is value amongst $1.5 billion and $two.4 billion. The estimate is nicely above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way as well low and should be rejected by shareholders. Micron really wants to pay out all over one.10x profits for Lexar though the market chief SanDisk (SNDK) is trading at four.35x income. Lexar also includes a $400 million patent infringement lawsuit from Toshiba that it had previously received but has become topic to an charm by Toshiba.
Think about it in this manner, a successful $400 million settlement in favor of Lexar would equate to around $4.83 per share in supplemental hard cash so as to add to The existing $0.54 in absolutely free money soon after debt that Lexar has. This suggests Micron would pay back lower than $five a share for Lexars property, that is very low.
There is certainly also speculation that SanDisk is severely thinking of getting a run at attaining Lexar. This may http://www.bbc.co.uk/search?q=소액결제 sound right considering the fact that SanDisk would solidify its leadership posture.
Also, SanDisk has a close Operating romance with Toshiba, which could see SanDisk fall or lessen the settlement if it managed to obtain Lexar.
Continue to be tune. A Particular shareholder meeting to overview the takeover bid is moved to June 16. In my check out, the $ten bid undervalues Lexar. Question is will a white knight surface?