SAN FRANCISCO Micron Technology Inc. and Lexar Media Inc. said Monday (June 5) that they have executed an amendment to their proposed merger agreement following unanimous approval by each company's board of directors.
The amendment calls for an increase in the exchange ratio that each outstanding share of Lexar common stock would receive in the merger, bringing the total value of the deal to more than $800 million.
Micron (Boise, Idaho) on Friday said it would increase its offer to buy Lexar (Fremont, Calif.), offering 0.5925 share of Micron common stock for every share of Lexar. Micron had previously offered 0.5625 shares of Micron for each share of Lexar.
Lexar reacted to Micron's increased offer Friday but adjourning a meeting of its shareholders until June 16. Lexar Shareholders will vote on the newly amended merger agreement on that date.