MU said on Friday that it is willing to improve its bid for LEXR in an effort to win over several large shareholders that are opposed to their bid. The two biggest shareholders, Icahn and Associates and Elliot Associates, who both own at least 7.4% of LEXR, are likely to be still opposed to the takeover, as I believe that the bid improvement will be too small to persuade them. MU has said that it will increase the exchange ratio from 0.5625 to 0.5925 LEXR to MU common shares. This deal would value LEXR at almost $10 per share. LEXR is currently trading at $9.57, down over 3% on the day. I have a feeling that this story is far from over.
Sorry, the comment form is closed at this time.