Icahn Spurns Micron’s Purchase of Lexar

Lexar Media Inc. failed to gain shareholder Carl Icahn’s support for a proposed takeover by Micron Technology Inc.

Icahn’s representatives said the $680 million being paid for Fremont, Calif.-based Lexar was insufficient, according to a Securities and Exchange Commission filing.

It is another blow to Micron’s attempt to take over the computer memory-card maker, after Elliott Associates said last month that Lexar should try harder to get a higher bid.