On Friday, flash media maker Lexar Media (LEXR) received a better revised takeover bid from Micron Know-how (MU). The revised bid sites the all-inventory Trade present at around $10 a share, up marginally within the initial bid.
But significant shareholders which includes billionaire investor Carl Icahn in addition to hedge funds and portfolio administrators have considered the Preliminary bid for being inappropriate. Elliott Associates thinks the Preliminary bid “noticeably undervalues Lexar,” and feels Lexar is worth involving $one.five billion and $2.four billion. The estimate is nicely higher than the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way much too small and has to be rejected by shareholders. Micron hopes to fork out about 1.10x product sales for Lexar whilst the market leader SanDisk (SNDK) http://www.bbc.co.uk/search?q=소액결제 is trading at four.35x profits. Lexar also provides a $400 million patent infringement lawsuit from Toshiba that it experienced Earlier received but has become subject to an charm by Toshiba.
Consider it using this method, a successful $400 million settlement in favor of Lexar would equate to all-around $4.eighty three per share in additional dollars to incorporate to The present $0.fifty four in no cost cash just after debt that Lexar has. This means Micron would pay back under $5 a share for Lexars property, which happens to be very low.
There's also speculation that SanDisk is seriously contemplating having a run at obtaining Lexar. This might make sense considering the fact that SanDisk would solidify its Management situation. 소액결제
In addition, SanDisk has a detailed Operating partnership with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to acquire Lexar.
Remain tune. A Particular shareholder Assembly to evaluation the takeover bid has long been moved to June 16. In my look at, the $ten bid undervalues Lexar. Issue is will a white knight area?