On Friday, flash http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 media maker Lexar Media (LEXR) gained a higher revised takeover bid from Micron Technological know-how (MU). The revised bid places the all-stock Trade supply at close to $10 a share, up marginally through the Original bid.
But major shareholders including billionaire Trader Carl Icahn together with hedge resources and portfolio supervisors have considered the First bid to be inappropriate. Elliott Associates thinks the Original bid “appreciably undervalues Lexar,” and feels Lexar is well worth concerning $one.5 billion and $2.4 billion. The estimate is perfectly higher than the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way as well minimal and has to be rejected by shareholders. Micron really wants to pay back about 1.10x profits for Lexar even though the market leader SanDisk (SNDK) is trading at four.35x revenue. Lexar also provides a $400 million patent infringement lawsuit in opposition to Toshiba that it had Formerly won but has become issue to an enchantment by Toshiba.
Give it some thought using this method, a successful $400 million settlement in favor of Lexar would equate to about $4.83 for each share in more hard cash so as to add to The 신용카드현금화 existing $0.54 in absolutely free money immediately after financial debt that Lexar has. This implies Micron would pay out under $5 a share for Lexars property, which is reduced.
There exists also speculation that SanDisk is significantly serious about having a operate at getting Lexar. This would sound right considering that SanDisk would solidify its Management posture.
Moreover, SanDisk has an in depth Doing the job marriage with Toshiba, which could see SanDisk drop or decrease the settlement if it managed to obtain Lexar.
Remain tune. A Particular shareholder Conference to overview the takeover bid has actually been moved to June sixteen. In my see, the $ten bid undervalues Lexar. Problem is will a white knight floor?