On Friday, flash media maker Lexar Media (LEXR) been 소액결제현금화 given the next revised takeover bid from Micron Technologies (MU). The revised bid spots the all-inventory exchange supply at around $10 a share, up marginally with the First bid.
But important shareholders which include billionaire Trader Carl Icahn in addition to hedge cash and portfolio supervisors have considered the Original bid to get inappropriate. Elliott Associates believes the initial bid “substantially undervalues Lexar,” and feels Lexar is worth concerning $one.five billion and $two.four billion. The estimate is properly above the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way much too low and has to be turned down by shareholders. Micron wishes to pay back about 1.10x profits for Lexar although the market chief SanDisk (SNDK) is investing at four.35x http://edition.cnn.com/search/?text=소액결제 sales. Lexar also incorporates a $four hundred million patent infringement lawsuit in opposition to Toshiba that it experienced Formerly received but is now subject to an charm by Toshiba.
Consider it this way, A prosperous $four hundred million settlement in favor of Lexar would equate to all around $four.83 for each share in added income so as to add to The existing $0.54 in free of charge cash immediately after financial debt that Lexar has. This implies Micron would fork out fewer than $5 a share for Lexars property, that is reduced.
There may be also speculation that SanDisk is critically pondering taking a operate at buying Lexar. This might seem sensible since SanDisk would solidify its Management place.
Furthermore, SanDisk has a close Doing work marriage with Toshiba, which could see SanDisk fall or reduce the settlement if it managed to amass Lexar.
Stay tune. A Specific shareholder Conference to assessment the takeover bid is moved to June 16. In my check out, the $ten bid undervalues Lexar. Dilemma is will a white knight surface?