On Friday, flash media maker Lexar Media (LEXR) acquired a greater revised takeover bid from Micron Engineering (MU). The revised bid places the all-inventory Trade supply at around $ten a share, up marginally in the Preliminary bid.
But major shareholders together with billionaire Trader Carl Icahn as well as hedge money and portfolio 소액결제현금화 managers have considered the initial bid to be inappropriate. Elliott Associates believes the Preliminary bid “significantly undervalues Lexar,” and feels Lexar is truly worth between $one.five billion and $two.4 billion. The estimate is effectively over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way much too small and should be rejected by shareholders. Micron really wants to pay out all around one.10x sales for Lexar while the marketplace chief SanDisk (SNDK) is investing at four.35x gross sales. Lexar also has a $400 million patent infringement lawsuit in opposition to Toshiba that it experienced Earlier received but has become subject to an appeal by Toshiba.
Think about it using this method, a successful $400 million settlement in favor of Lexar would equate to about $four.eighty three per share in supplemental dollars to add to http://edition.cnn.com/search/?text=소액결제 The existing $0.54 in totally free hard cash immediately after personal debt that Lexar has. This implies Micron would pay back less than $five a share for Lexars property, which is reduced.
There may be also speculation that SanDisk is significantly considering getting a operate at buying Lexar. This would make sense due to the fact SanDisk would solidify its Management position.
What's more, SanDisk has an in depth Doing work romantic relationship with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to accumulate Lexar.
Keep tune. A Unique shareholder Conference to evaluate the takeover bid has long been moved to June 16. In my look at, the $ten bid undervalues Lexar. Problem is will a white knight surface area?