On Friday, flash media maker Lexar Media (LEXR) acquired the next revised takeover bid from Micron Technology (MU). The revised bid spots the all-stock exchange supply at all around $10 a share, up marginally from your First bid.
But key shareholders which include billionaire Trader Carl Icahn along with hedge money and 신용카드현금화 portfolio supervisors have deemed the Preliminary bid for being inappropriate. Elliott Associates thinks the First bid “noticeably undervalues Lexar,” and feels Lexar is worthy of involving $one.5 billion and $two.four billion. The estimate is very well above the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way way too http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 minimal and really should be turned down by shareholders. Micron wants to spend around 1.10x income for Lexar although the market leader SanDisk (SNDK) is buying and selling at 4.35x sales. Lexar also contains a $400 million patent infringement lawsuit in opposition to Toshiba that it experienced previously won but has become topic to an enchantment by Toshiba.
Think it over by doing this, A prosperous $400 million settlement in favor of Lexar would equate to all-around $4.83 for each share in further income to add to the current $0.fifty four in totally free money right after debt that Lexar has. This suggests Micron would fork out less than $five a share for Lexars belongings, that is reduced.
There exists also speculation that SanDisk is significantly pondering taking a operate at attaining Lexar. This would seem sensible since SanDisk would solidify its leadership posture.
What's more, SanDisk has an in depth Doing work connection with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to amass Lexar.
Keep tune. A special shareholder Assembly to evaluate the takeover bid has long been moved to June sixteen. In my see, the $10 bid undervalues Lexar. Question is will a white knight surface?