On Friday, flash media maker Lexar Media (LEXR) acquired a better revised takeover bid from Micron Technology (MU). The revised bid destinations the all-inventory Trade present at all-around $ten a share, up marginally through the initial bid.
But major shareholders including billionaire investor Carl Icahn in addition to hedge cash and portfolio professionals have considered the Original bid to become inappropriate. 소액결제현금화 Elliott Associates believes the Preliminary bid “appreciably undervalues Lexar,” and feels Lexar is worthy of amongst $1.5 billion and $two.four billion. The estimate is very well over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way way too small and ought to be rejected by shareholders. Micron would like to fork out all-around 1.10x revenue https://en.search.wordpress.com/?src=organic&q=소액결제 for Lexar even though the marketplace leader SanDisk (SNDK) is investing at four.35x gross sales. Lexar also has a $400 million patent infringement lawsuit versus Toshiba that it had Formerly won but is currently subject matter to an appeal by Toshiba.
Consider it in this way, a successful $four hundred million settlement in favor of Lexar would equate to close to $4.83 for every share in extra money to incorporate to the current $0.54 in totally free cash immediately after credit card debt that Lexar has. What this means is Micron would pay back below $five a share for Lexars belongings, which happens to be small.
There's also speculation that SanDisk is very seriously contemplating getting a run at attaining Lexar. This may make sense since SanDisk would solidify its Management placement.
Furthermore, SanDisk has an in depth Functioning marriage with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to amass Lexar.
Keep tune. A Specific shareholder meeting to overview the takeover bid has actually been moved to June sixteen. In my perspective, the $ten bid undervalues Lexar. Concern is will a white knight surface area?