On Friday, flash media maker Lexar Media (LEXR) gained a higher revised takeover bid from Micron Technological know-how (MU). The revised bid areas the all-inventory exchange provide at 정보이용료 around $10 a share, up marginally in the Original bid.
But important shareholders like billionaire investor Carl Icahn coupled with hedge resources and portfolio professionals have considered the Original bid to generally be inappropriate. Elliott Associates thinks the Preliminary bid “significantly undervalues Lexar,” and feels Lexar is worth concerning $1.5 billion and $two.four billion. The estimate is nicely over the revised takeover bid of about $827 million.
I need to concur and say the revised takeover bid is way as well minimal and really should be rejected by shareholders. Micron hopes to pay back close to one.10x profits for Lexar while the marketplace chief SanDisk (SNDK) is investing at 4.35x gross sales. Lexar also contains a $four hundred million patent infringement lawsuit in opposition to Toshiba that it had Earlier won but is now matter to an attraction by Toshiba.
Think it over in this manner, An effective $400 million settlement in favor of Lexar would equate to all over $four.83 per share in supplemental cash so as to add to the current $0.54 in no cost hard cash right after financial debt that Lexar has. This suggests Micron would pay under $five a share for Lexars property, which can be lower.
There is certainly also speculation that SanDisk is significantly serious about taking a operate at buying Lexar. This might seem sensible since SanDisk would solidify its Management position.
Moreover, SanDisk has a close working relationship with Toshiba, which could see SanDisk drop http://edition.cnn.com/search/?text=소액결제 or lessen the settlement if it managed to amass Lexar.
Keep tune. A Exclusive shareholder Assembly to evaluate the takeover bid is moved to June sixteen. In my look at, the $ten bid undervalues Lexar. Query is will a white knight surface area?