On Friday, flash media maker Lexar Media (LEXR) obtained an increased revised takeover bid from Micron Technological know-how (MU). The revised bid areas the all-inventory exchange provide at all https://en.search.wordpress.com/?src=organic&q=소액결제 over $10 a share, up marginally with the First bid.
But key shareholders together with billionaire Trader Carl Icahn in conjunction with hedge funds and portfolio managers have considered the Preliminary bid to get inappropriate. Elliott Associates thinks the initial bid “appreciably undervalues Lexar,” and feels Lexar is truly worth among $one.five billion and $two.4 billion. The estimate is very well above the revised takeover bid of about $827 million.
I have to concur and say the revised takeover bid is way also very low and should be turned down by shareholders. Micron really wants to pay back close to one.10x sales for Lexar whilst the industry chief SanDisk (SNDK) is buying and selling at 4.35x sales. Lexar also includes a $400 million patent infringement lawsuit versus Toshiba that it experienced Formerly won but has become matter to an appeal by Toshiba.
Think it over this way, a successful $400 million settlement in favor of Lexar would equate to all over $four.83 for each share in more cash to add to the current $0.54 in no cost funds following financial debt that Lexar has. This implies Micron would shell out below $5 a share for Lexars assets, which can be low.
There may be also speculation that SanDisk is critically considering using a operate at buying Lexar. This might sound right because SanDisk would solidify its Management posture.
Additionally, SanDisk has a detailed Operating partnership with Toshiba, which could see 소액결제현금화 SanDisk drop or lessen the settlement if it managed to accumulate Lexar.
Stay tune. A Unique shareholder meeting to critique the takeover bid is moved to June 16. In my check out, the $ten bid undervalues Lexar. Dilemma is will a white knight floor?