Reuters: Technology News: Micron says moves closer to Elpida deal

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Micron says moves closer to Elpida deal Feb 28th 2013, 17:03 Tweet Share this Email Print Related News Intel takes big step in chip foundry business Mon, Feb 25 2013 TEXT-Fitch Street View: Encouraging Signs for Memory Chip Sector Tue, Feb 12 2013 Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Japan » Elpida chips are seen at an electronic store in Tokyo's Akihabara district April 24, 2012. Credit: Reuters/Toru Hanai SAN FRANCISCO | Thu Feb 28, 2013 12:03pm EST SAN FRANCISCO (Reuters) - Memory chipmaker Micron said the Tokyo district court issued an order approving its acquisition of Japanese memory chipmaker Elpida after creditors agreed to the plan. Boise, Idaho-based Micron, which is losing money due to a crumbling PC industry, wants to create larger economies of scale and offered in July to buy Elpida for about $750 million in cash and to pay creditors a total of $1.75 billion in annual installments through 2019. Elpida's creditors voted to approve the deal on Tuesday, Micron said. In October, the Tokyo court referred the reorganization plan to creditors for approval after it dismissed a rival proposal promoted by a group of bondholders led by hedge funds Linden Advisors, Owl Creek Asset Management and Taconic Capital Advisors. Finalization of the approval order could come with four weeks, presuming no appeal is filed, Micron said. Micron and Elpida also need approval from the U.S. Bankruptcy Court in Delaware, where the opposed bondholders have shifted their fight. Elpida, the last of Japan's dynamic random access memory (DRAM) chipmakers, was driven into bankruptcy by falling chip sales and foreign competition. The acquisition would make Micron, which continues to expect the transaction to close in the first half of 2013, the No. 2 global supplier of DRAM chips, behind Samsung Electronics. (Reporting By Noel Randewich; editing by Andrew Hay) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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