Lexar Investor Backs Micron’s Takeover Offer

Lexar Media Inc. shareholder Glenview Capital Management agreed to support Micron Technology Inc.’s $795.1-million offer to buy Lexar, countering efforts by Carl Icahn and other investors to thwart the deal.

Glenview also increased its stake to become the top shareholder in Lexar, which makes memory cards for digital cameras, to 9.1%, or 7.5 million shares, according to a filing with the Securities and Exchange Commission.

The support from Glenview signals that Micron may succeed in the purchase.

The deal is valued at $775.1 million, or about $9.37 for each Lexar share, based on Micron’s closing price Wednesday of $15.82.