On Friday, flash media maker Lexar Media (LEXR) received the next revised takeover bid from Micron Know-how (MU). The revised bid locations the all-stock Trade provide at all-around $10 a share, up marginally in the initial bid.
But main shareholders like billionaire investor Carl Icahn in conjunction with hedge money and portfolio supervisors have considered the initial bid to generally be inappropriate. Elliott Associates believes the Original http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/소액결제 bid “appreciably undervalues Lexar,” and feels Lexar is really worth between $1.5 billion and $two.four billion. The estimate is nicely above the revised takeover bid of about $827 million.
I must concur and say the revised takeover bid is way too reduced and has to be rejected by shareholders. Micron hopes to shell out around 1.10x income for Lexar although the market leader SanDisk (SNDK) is investing at 4.35x profits. Lexar also contains a $400 million patent infringement lawsuit versus Toshiba that it had Beforehand gained but is now issue to an appeal by Toshiba.
Think about it in this way, a successful $400 million settlement in favor of Lexar would equate to all 신용카드현금화 around $four.83 per share in additional hard cash to incorporate to the current $0.54 in absolutely free income after financial debt that Lexar has. This means Micron would spend fewer than $five a share for Lexars property, which can be low.
There exists also speculation that SanDisk is critically considering getting a run at obtaining Lexar. This may seem sensible considering that SanDisk would solidify its leadership posture.
Additionally, SanDisk has a close Doing the job romantic relationship with Toshiba, which could see SanDisk drop or reduce the settlement if it managed to acquire Lexar.
Stay tune. A Exclusive shareholder Assembly to overview the takeover bid has actually been moved to June sixteen. In my look at, the $10 bid undervalues Lexar. Issue is will a white knight surface area?