On Friday, flash media maker Lexar Media (LEXR) received an increased revised takeover bid from Micron Technologies (MU). The revised bid areas the all-inventory exchange offer at close to $10 a share, up marginally in the First bid.
But main shareholders which include billionaire investor Carl Icahn in addition to hedge resources and portfolio supervisors have deemed the initial bid to get inappropriate. Elliott Associates believes the Original bid “noticeably undervalues Lexar,” and feels Lexar is worth concerning $one.five billion and $two.four billion. The estimate is perfectly over the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way way too small and should be turned down by shareholders. Micron hopes to pay all 소액결제현금화 around one.10x revenue for Lexar whilst the industry leader SanDisk (SNDK) is trading at 4.35x revenue. Lexar also provides a $400 million patent infringement lawsuit against Toshiba that it experienced Beforehand won but is now matter to an appeal by Toshiba.
Think it over by doing this, An effective $four hundred million settlement in favor of Lexar would equate to close to $four.eighty three for each share in supplemental cash so as to add to The existing $0.fifty four in cost-free hard cash soon after credit card debt that Lexar has. This means Micron would pay out https://en.search.wordpress.com/?src=organic&q=소액결제 fewer than $5 a share for Lexars belongings, which is lower.
There is certainly also speculation that SanDisk is severely considering getting a run at obtaining Lexar. This could sound right given that SanDisk would solidify its leadership posture.
Also, SanDisk has an in depth Performing connection with Toshiba, which could see SanDisk fall or decrease the settlement if it managed to accumulate Lexar.
Stay tune. A Distinctive shareholder Assembly to overview the takeover bid has long been moved to June sixteen. In my view, the $ten bid undervalues Lexar. Issue is will a white knight area?