On Friday, flash media maker Lexar Media (LEXR) obtained a higher revised takeover bid from Micron Know-how (MU). The revised bid destinations the all-stock https://en.search.wordpress.com/?src=organic&q=소액결제 Trade provide at around $10 a share, up marginally with the initial bid.
But key shareholders which includes billionaire Trader Carl Icahn in addition to hedge resources and portfolio administrators have considered the Preliminary bid for being inappropriate. Elliott Associates thinks the initial http://xn--7y2br0oc8jnkbb1f.kr/ bid “considerably undervalues Lexar,” and feels Lexar is truly worth among $one.five billion and $two.four billion. The estimate is properly earlier mentioned the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way way too minimal and ought to be rejected by shareholders. Micron would like to pay close to one.10x revenue for Lexar whilst the marketplace leader SanDisk (SNDK) is buying and selling at 4.35x sales. Lexar also contains a $400 million patent infringement lawsuit towards Toshiba that it experienced Beforehand received but is currently subject to an appeal by Toshiba.
Think about it in this manner, An effective $four hundred million settlement in favor of Lexar would equate to around $four.83 for each share in additional hard cash to add to the current $0.54 in free money immediately after financial debt that Lexar has. This implies Micron would spend below $5 a share for Lexars belongings, which can be reduced.
There is certainly also speculation that SanDisk is very seriously contemplating getting a operate at buying Lexar. This might seem sensible because SanDisk would solidify its Management place.
What's more, SanDisk has a detailed Doing work romance with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to obtain Lexar.
Stay tune. A Specific shareholder meeting to review the takeover bid has actually been moved to June 16. In my perspective, the $ten bid undervalues Lexar. Problem is will a white knight surface area?