On Friday, flash media maker Lexar Media (LEXR) https://www.washingtonpost.com/newssearch/?query=소액결제 gained a greater revised takeover bid from Micron Technological innovation (MU). The revised bid areas the all-inventory Trade offer you at all around $ten a share, up marginally from your Original bid.
But big shareholders including billionaire Trader Carl Icahn in addition to hedge funds and portfolio managers have deemed the initial bid to get inappropriate. Elliott Associates believes the initial bid “significantly undervalues Lexar,” and feels Lexar is worth amongst $one.5 billion and $two.4 billion. The estimate is well earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way also small and should be turned down by shareholders. Micron desires to pay around 1.10x gross sales for Lexar when the market leader SanDisk (SNDK) is trading at four.35x product sales. Lexar also provides a $four hundred million patent infringement lawsuit versus Toshiba that it had Formerly gained but has become issue to an attractiveness by Toshiba.
Think about it using this method, A prosperous $400 million settlement in favor of Lexar would equate to all-around $4.83 for every share in more dollars to incorporate to the current $0.54 in cost-free hard cash after debt that Lexar has. This suggests Micron would shell out under $five a share for Lexars belongings, which is very low.
There is certainly also speculation that SanDisk is critically pondering using a operate at obtaining Lexar. This might seem sensible since SanDisk would solidify its Management situation.
Also, SanDisk has a close Doing the job partnership with Toshiba, which could see SanDisk fall or decrease the settlement if it managed to amass Lexar.
Keep tune. A Unique 신용카드현금화 shareholder Assembly to evaluation the takeover bid has become moved to June 16. In my perspective, the $10 bid undervalues Lexar. Question is will a white knight area?