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U.S. green lights Micron's Elpida buy
Dylan McGrath
9/11/2012 9:12 PM EDT
SAN FRANCISCO—U.S. regulators won't hold up Micron Technology Inc.'s proposed $2.5 billion acquisition of bankrupt Japanese DRAM vendor Elpida Memory Inc., but other hurdles to closing the deal remain, Micron said Tuesday (Sept. 11).
Micron (Boise, Idaho) said the waiting period to move forward with the acquisition under the Hart-Scott-Rodino Act expired without issue. The law requires a waiting period of 30 days.
Micron said the transaction—first announced in July—remains subject to other conditions, including approval by Elpida creditors, the Tokyo District Court and regulatory approvals from others countries. Micron expects to complete the deal in the first half of 2013.
One group of Elpida's bondholders continues to oppose the transaction, saying it undervalues Elpida's assets. The group has proposed an alternative plan.
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Micron (Boise, Idaho) said the waiting period to move forward with the acquisition under the Hart-Scott-Rodino Act expired without issue. The law requires a waiting period of 30 days.
Micron said the transaction—first announced in July—remains subject to other conditions, including approval by Elpida creditors, the Tokyo District Court and regulatory approvals from others countries. Micron expects to complete the deal in the first half of 2013.
One group of Elpida's bondholders continues to oppose the transaction, saying it undervalues Elpida's assets. The group has proposed an alternative plan.
Related stories:
- NAND flash memory in short supply
- Free Renesas from its golden cage called Japan
- Formosa Plastics bails out DRAM subsidiaries
- Bondholders say Elpida is grossly undervalued
- Elpida submits restructuring plan advancing Micron deal
- IHS: Strong mobile DRAM market drove Micron's Elpida buy
- Micron's Elpida buy carries risks, says IHS
- Elpida bondholders to propose alternative to Micron takeover
- Micron confirms Elpida deal, also plans Rexchip purchase
- Micron reportedly strikes $2.5B deal for Eplida
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