On Friday, flash media maker Lexar Media (LEXR) received the next revised takeover bid from Micron Engineering (MU). The revised bid places the all-inventory Trade offer at all-around $ten a share, up marginally from your Preliminary bid.
But important shareholders like billionaire investor Carl Icahn along with hedge funds and portfolio professionals have deemed the initial bid to be inappropriate. Elliott Associates thinks the Preliminary bid “significantly undervalues Lexar,” and feels Lexar is truly worth in between $1.five billion and $two.four billion. The estimate is effectively over the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way much too reduced and must be rejected by shareholders. Micron hopes to spend all-around 1.10x income for Lexar while the industry leader SanDisk (SNDK) is buying and selling at four.35x gross sales. Lexar also contains a $four hundred million patent infringement lawsuit against Toshiba that it experienced Formerly won but is 신용카드현금화 currently subject matter to an attractiveness by Toshiba.
Think it over in this way, A prosperous $400 million settlement in favor of Lexar would equate to all-around $four.83 per share in http://edition.cnn.com/search/?text=소액결제 additional money to add to The present $0.fifty four in absolutely free money after debt that Lexar has. This means Micron would shell out a lot less than $five a share for Lexars belongings, that is lower.
There is certainly also speculation that SanDisk is severely thinking of getting a operate at attaining Lexar. This would make sense considering that SanDisk would solidify its Management placement.
In addition, SanDisk has an in depth Performing partnership with Toshiba, which could see SanDisk drop or lessen the settlement if it managed to amass Lexar.
Stay tune. A Unique shareholder Assembly to assessment the takeover bid has been moved to June 16. In my perspective, the $ten bid undervalues Lexar. Issue is will a white knight surface?