On Friday, flash media maker Lexar Media (LEXR) http://edition.cnn.com/search/?text=소액결제 been given an increased revised takeover bid from Micron Technology (MU). The revised bid sites the all-inventory Trade offer at all around $ten a share, up marginally from your initial bid.
But major 소액결제정책 shareholders together with billionaire Trader Carl Icahn as well as hedge cash and portfolio administrators have deemed the Original bid to generally be inappropriate. Elliott Associates believes the Original bid “appreciably undervalues Lexar,” and feels Lexar is worth in between $one.5 billion and $two.four billion. The estimate is well previously mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way much too small and must be rejected by shareholders. Micron desires to pay out close to 1.10x profits for Lexar while the industry leader SanDisk (SNDK) is investing at 4.35x product sales. Lexar also incorporates a $four hundred million patent infringement lawsuit in opposition to Toshiba that it had Formerly gained but is currently subject matter to an appeal by Toshiba.
Think it over this way, A prosperous $400 million settlement in favor of Lexar would equate to all over $4.eighty three for each share in supplemental income to add to the current $0.54 in free of charge income right after debt that Lexar has. What this means is Micron would pay less than $5 a share for Lexars property, which is small.
There is also speculation that SanDisk is severely serious about using a operate at acquiring Lexar. This could sound right because SanDisk would solidify its leadership position.
Moreover, SanDisk has an in depth Doing the job romantic relationship with Toshiba, which could see SanDisk fall or decrease the settlement if it managed to acquire Lexar.
Stay tune. A Specific shareholder meeting to assessment the takeover bid continues to be moved to June sixteen. In my view, the $10 bid undervalues Lexar. Issue is will a white knight area?