The Chinese Ministry of Commerce has given antitrust clearance for Micron's previously announced proposed acquisition of Elpida, opening the way for the completion of the transaction.
China's approval was the last remaining antitrust pre-merger clearance required for completion of the transaction. Pre-merger approvals were previously obtained from the United States, Czech Republic, Japan, South Korea, Singapore and Taiwan.
The closing of the transaction remains subject to the satisfaction or waiver of certain other conditions - including approval of Elpida's reorganization plan by the Tokyo District Court following a vote by the creditors and recognition of such plan by the United States Bankruptcy Court for the District of Delaware (or alternative court actions providing substantially similar effect).
Elpida and Micron continue to target completion of the transaction in the first half of calendar 2013. Elpida's proposed reorganization plan was submitted to the Tokyo District Court on Aug. 21, 2012, and the Tokyo District Court approved the submission of Elpida's proposed reorganization plan to creditors on October 31, 2012. Creditor votes are due by February 26, 2013.