SAN FRANCISCO—A group of bondholders in bankrupt Japanese memory chip vendor Elpida Memory Inc. believes Micron Technology Inc.'s bid to acquire the firm's assets is too low and is in negotiations with South Korea's SK Hynix Inc. and U.S.-based foundry Globalfoundries Inc. on an alternative plan, according to a report by the Reuters news service Monday (May 21).
The report, which cites an unnamed source, said Globalfoundries is interested in buying Elpida's main fab in Hiroshima, Japan, while Hynix is interested in buying the firm's share of Rexchip Electronics Corp., a joint venture between Elpida and Powerchip Technology Corp.
After weeks of speculation, Micron confirmed on May 10 that it was in talks to acquire Elpida, which put itself up for auction after filing for bankruptcy protection in February. According to an earlier report by Reuters, Micron won the exclusive right to buy Elpida after bidding more than $2.5 billion.
Hynix, formerly known as Hynix Semiconductor Inc., made an initial bid to acquire Elpida in the first round of bidding, but reportedly dropped out of the bidding before the final round.
Micron's bid to buy Elpida was filed with the Tokyo district court earlier this month. According to Monday's Reuters report, the submission of an alternative plan is highly unusual in Japanese bankruptcy cases. If Hynix and Globalfoundries agree to pay a higher price than Micron, it would need to approval of the Tokyo district court before being put to a vote of Elpida bondholders, according to the report.
The report said a spokesperson for Hynix denied that the firm was in talks with Elpida's debt holders.