Lexar

(LEXR)

, the flash-memory maker in the process of being sold to

Micron

(MU) - Get Report

, previewed a major first-quarter sales shortfall Tuesday.

The Fremont, Calif., semiconductor company expects to lose $22 million to $30 million on revenue of $100 million to $130 million in the three months to March 31. Analysts surveyed by Thomson First Call were forecasting a loss of $16.7 million on sales of $200 million in the period.

Lexar didn't elaborate on the miss. "In light of the company's pending merger with Micron, the company does not intend to host an earnings conference call when it releases its actual first-quarter results," it said.

Micron announced on March 8 that had reached a definitive agreement to acquire Lexar for stock worth about $688 million. The transaction would unite Lexar's NAND flash products and patents with Micron's sprawling semiconductor offerings in an effort to squeeze out costs in a brutally competitive space.

The deal hasn't been a unanimous hit with shareholders. Carl Icahn and a group of hedge funds that control as much as half of Lexar's stock have reportedly been talking with management about seeking alternatives for the company.

Micron's bid was worth $8.43 a share based on prices just prior to its announcement and the offer continued to provide a floor for Lexar's stock Tuesday. However, optimism about a bidding war appeared to fade in premarket trading, where the shares fell 81 cents, or 8.7%, to $8.51 on Instinet.