On Friday, flash media maker Lexar Media (LEXR) obtained a greater revised takeover bid from Micron Technologies (MU). The revised bid destinations the all-stock exchange offer you at all-around $10 a share, up marginally with the Preliminary bid.
But major shareholders which include billionaire investor Carl Icahn in addition to hedge money and portfolio supervisors have deemed the Preliminary bid to be inappropriate. Elliott Associates believes the initial bid “noticeably undervalues Lexar,” and feels Lexar is worthy of between $one.five billion and $2.four billion. The estimate is properly http://edition.cnn.com/search/?text=소액결제 earlier mentioned the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way as well low and should be rejected by shareholders. Micron would like to shell out all over one.10x product sales for Lexar whilst the industry leader SanDisk (SNDK) is buying and selling at four.35x sales. Lexar also features a $400 million patent infringement lawsuit versus Toshiba that it had Formerly gained but is now subject to an attraction by Toshiba.
Consider it in this way, A prosperous $four hundred million settlement in favor of Lexar would equate to close to $4.eighty three for each share in additional funds so as to add to The existing $0.fifty four in free of charge dollars after financial debt that Lexar has. What this means is Micron would shell out fewer than $5 a share for Lexars property, that is low.
You can find also speculation that SanDisk is significantly pondering taking a run at obtaining Lexar. This could make sense considering the fact that SanDisk would solidify its leadership situation.
Furthermore, SanDisk has a detailed Operating partnership with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to accumulate Lexar.
Remain tune. A 소액결제정책 special shareholder meeting to evaluation the takeover bid is moved to June sixteen. In my view, the $10 bid undervalues Lexar. Question is will a white knight floor?