Lexar Deal Gets Its Due

Updated from 4:44 p.m. EST

Lexar Media(LEXR Quote) had merger talks with 11 different companies, but only two firms, including eventual winner Micron(MU Quote), made formal bids.

In a much-anticipated Securities and Exchange Commission filing Tuesday, Micron and Lexar laid out the background of a controversial sales process that culminated with Micron's offer to acquire Lexar on March 8. The deal has drawn opposition from a group of hedge funds, claiming that it significantly undervalues Lexar.

Meanwhile, Lexar's warning on Tuesday that first-quarter revenue could be as much as 50% below Wall Street expectations underscores the company's difficulties of continuing operations as an independent entity. ...