Micron Technology today confirmed it is engaged in
discussions with Japan's Elpida Memory, Inc.'s trustees
to acquire Elpida's business.
Micron made the announcement following a May 10 approval
by the Tokyo District Court allowing Elpida's trustees
to negotiate an agreement with Micron, pursuant to which
Micron would become Elpida's sponsor and acquire
Elpida's entire business in accordance with the
corporate reorganization proceedings. Elpida, a
semiconductor DRAM memory manufacturer, filed a petition
for commencement of Corporate Reorganization Proceedings
with the Tokyo District Court under the Corporate
Reorganization Act of Japan on Feb. 27, 2012, which
proceedings have been commenced.
Elpida recently undertook a bidding process to select a
company to "sponsor" Elpida during its Corporate
Reorganization proceedings and to acquire the company's
business. In that process, Elpida has decided to move
forward in negotiations with Micron as the potential
Elpida has been a major supplier of memory to Apple and was a leading DRAM supplier for the third-generation iPad.