On Friday, flash 소액결제현금화 media maker Lexar Media (LEXR) gained an increased revised takeover bid from Micron Engineering (MU). The revised bid destinations the all-stock exchange supply at about $10 a share, up marginally in the First bid.
But main shareholders such as billionaire investor Carl Icahn as well as hedge money and portfolio professionals have considered the Preliminary bid to generally be inappropriate. Elliott Associates thinks the Original bid “appreciably undervalues Lexar,” and feels Lexar is really worth involving $one.five billion and $two.4 billion. The estimate is properly above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way too lower and really should be turned down by shareholders. Micron would like to pay back close to 1.10x sales for Lexar while the marketplace leader SanDisk (SNDK) is trading at four.35x profits. Lexar https://en.search.wordpress.com/?src=organic&q=소액결제 also contains a $400 million patent infringement lawsuit in opposition to Toshiba that it had Earlier gained but is currently subject matter to an enchantment by Toshiba.
Think it over this way, a successful $four hundred million settlement in favor of Lexar would equate to around $four.83 for each share in additional cash to incorporate to The existing $0.54 in absolutely free dollars soon after financial debt that Lexar has. This means Micron would pay back below $5 a share for Lexars property, which happens to be reduced.
You can find also speculation that SanDisk is very seriously contemplating having a operate at getting Lexar. This would sound right considering the fact that SanDisk would solidify its leadership posture.
Additionally, SanDisk has a detailed Doing the job relationship with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to obtain Lexar.
Stay tune. A special shareholder meeting to review the takeover bid has become moved to June 16. In my watch, the $ten bid undervalues Lexar. Query is will a white knight surface?