On Friday, flash media maker Lexar Media (LEXR) received a greater revised takeover bid from Micron Technology (MU). The revised bid locations the all-stock exchange offer you at all around $ten a share, up marginally with the Preliminary bid.
But significant shareholders such as billionaire investor Carl Icahn in addition to hedge money and portfolio professionals have deemed the Preliminary bid for being inappropriate. Elliott Associates thinks the Original bid “appreciably undervalues Lexar,” and feels Lexar is well worth in between $one.5 billion and $two.four billion. The estimate is effectively above the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way far too low and ought to be rejected by shareholders. Micron desires to pay out all-around 1.10x income for Lexar while the marketplace chief SanDisk (SNDK) is buying and selling at four.35x revenue. Lexar also has a $400 million patent infringement lawsuit from Toshiba that it experienced Earlier gained but is now subject matter to an appeal by Toshiba.
Consider it using this method, a successful $400 million settlement in favor of Lexar would equate to all-around $four.eighty three for each share in 정보이용료 added dollars to incorporate to the current $0.54 in totally free cash just after debt that Lexar has. This means Micron would pay back under $5 a share for Lexars assets, which happens to be very low.
There exists also speculation that SanDisk is seriously contemplating having a operate at getting Lexar. https://www.washingtonpost.com/newssearch/?query=소액결제 This could seem sensible because SanDisk would solidify its Management placement.
Additionally, SanDisk has an in depth Doing work partnership with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to obtain Lexar.
Stay tune. A Exclusive shareholder meeting to review the takeover bid has actually been moved to June sixteen. In my watch, the $ten bid undervalues Lexar. Issue is will a white knight surface area?