On Friday, flash media maker Lexar Media (LEXR) obtained a higher revised takeover bid from Micron Technology (MU). The revised bid spots the all-stock exchange supply at around $ten a share, up marginally in the initial bid.
But important shareholders together with billionaire Trader Carl Icahn coupled with hedge cash and portfolio administrators have considered the initial bid to get inappropriate. Elliott Associates thinks the http://edition.cnn.com/search/?text=소액결제 Preliminary bid “considerably undervalues Lexar,” and feels Lexar is really worth between $one.five billion and $2.four billion. The estimate is effectively above the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way much too low and has to be turned down by shareholders. Micron wants to pay back about 1.10x profits for Lexar when the marketplace leader SanDisk (SNDK) is trading at four.35x gross sales. Lexar also features a $four hundred million patent infringement lawsuit from Toshiba that it experienced Formerly received but is now issue to an enchantment by Toshiba.
Think it over this fashion, An effective $four hundred million settlement in favor of Lexar would equate to about $four.83 for each share in additional money to add to The existing $0.54 in free funds just after credit card debt that Lexar has. This suggests Micron would 소액결제현금화 pay back less than $five a share for Lexars assets, that is minimal.
There may be also speculation that SanDisk is severely contemplating taking a operate at attaining Lexar. This would sound right because SanDisk would solidify its Management position.
Furthermore, SanDisk has an in depth Performing marriage with Toshiba, which could see SanDisk fall or decrease the settlement if it managed to obtain Lexar.
Stay tune. A Exclusive shareholder Assembly to review the takeover bid has been moved to June sixteen. In my view, the $ten bid undervalues Lexar. Problem is will a white knight floor?