Key Developments: Micron Technology Inc (MU.O)
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23 May 2013
$0.47 (+4.30%)
$10.92
$10.73
$11.49
$10.57
57,176,354
32,159,332
$11.68
$5.16
Latest Key Developments (Source: Significant Developments)
Micron Technology Inc Announces Tokyo District Court Approval Of Elpida Reorganization Plan
Micron Technology Inc announced the Tokyo District Court's issuance of an order approving Elpida Memory Inc.'s plan of reorganization. Elpida's plan of reorganization calls for Micron to sponsor Elpida's reorganization under which Elpida will become a wholly owned subsidiary of Micron. The Tokyo District Court's approval follows an Elpida creditor vote, concluded on February 26, in which the creditors voted to approve the reorganization plan. Full Article
Micron Technology Inc and Elpida Announce Antitrust Clearance of Transaction by Chinese Ministry of Commerce
Micron Technology Inc and Elpida Memory Inc. (Elpida) announced that the Chinese Ministry of Commerce has given antitrust clearance for Micron's previously announced proposed acquisition of Elpida. 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 August 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. Full Article
Micron Technology Inc Announces Pricing Of Convertible Senior Notes Offerings
Micron Technology Inc announced the pricing of an offering of $270 million aggregate principal amount of its 1.625% convertible senior notes due 2033 (the 2033E Notes) and $270 million aggregate principal amount of its 2.125% convertible senior notes due 2033 (the 2033F Notes and, together with the 2033E Notes, the 2033 Notes). Interest on the 2033E Notes will be paid semi-annually at a rate of 1.625% per year and will mature on February 15, 2033, unless earlier repurchased, redeemed or converted. Interest on the 2033F Notes will be paid semi-annually at a rate of 2.125% per year and will mature on February 15, 2033, unless earlier repurchased, redeemed or converted. The offering is expected to close on February 12, 2013. The aggregate net proceeds to Micron from the offering of the 2033 Notes will be approximately $525 million, exclusive of any proceeds attributable to the initial purchasers' possible exercise of their over-allotment options. Micron will use the net proceeds of the offering to finance the repurchase, redemption or repayment of a portion of Micron's 1.875% Convertible Senior Notes due 2014, including $477 million of such net proceeds that will be used to purchase 2014 Notes concurrently with the offering. Pending such use, Micron intends to invest the net proceeds of the offering in accordance with its existing investment policy. Full Article
Micron Technology Inc Launches $440 Million Offering of Convertible Senior Notes
Micron Technology Inc announced that it intends to offer, subject to market and other considerations, $220 million aggregate principal amount of convertible senior notes due 2033 (the 2033E Notes") and $220 million aggregate principal amount of convertible senior notes due 2033 (the 2033F Notes and, together with the 2033E Notes, the Notes) through an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). In connection with this offering, Micron intends to grant the initial purchasers an over-allotment option with respect to an additional $30 million aggregate principal amount of 2033E Notes and an additional $30 million aggregate principal amount of 2033F Notes. Micron will use the net proceeds of the offering to finance the repurchase, redemption or repayment of a portion of Micron's 1.875% Convertible Senior Notes due 2014. Pending such uses, Micron intends to invest the net proceeds of the offering in accordance with its existing investment policy. Full Article
Lifshitz Law Firm Announces Investigation of Micron Technology Inc
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed vote scheduled for January 22, 2013 to approve an amendment to the Micron Technology Inc (Micron) (MU - News) Amended and Restated 2004 Equity Incentive Plan and increase the shares reserved for issuance thereunder by 30,000,000 which would make available for grant under the 2004 Plan a total of approximately 45,000,000 shares of Common Stock. The increase in the number of shares could have a substantial dilutive effect on Micron stock. Full Article
Elpida Says Tokyo Court Approves Acquisition By Micron Technology Inc-Reuters
Reuters reported that Micron Technology Inc plan to acquire Japanese memory chipmaker Elpida was approved by Tokyo court. The court said it has dismissed a rival proposal by a group of bondholders, led by hedge funds Linden Advisors, Owl Creek Asset Management and Taconic Capital Advisors, who have said the $2.5-billion price tag grossly undervalues Elpida, arguing that the Company is worth JPY300 billion ($3.78 billion). Full Article
Micron Technology Inc and Elpida Memory, Inc. Announce Expiration of Hart-Scott Rodino Waiting Period
Micron Technology Inc and Elpida Memory, Inc. announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR Act), has expired in connection with Micron's previously announced acquisition of Elpida. Expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for consummation of the transaction. The closing of the transaction remains subject to other conditions—including approval by Elpida creditors, the Tokyo District Court and regulatory approvals in other countries—and is expected to be completed in the first half of calendar 2013. Elpida's reorganization plan was submitted to the Tokyo District Court in mid-August, 2012. Full Article
R&I Assigns Rating "BB+" on Micron Technology Inc; Rating Outlook Stable
Rating and Investment Information, Inc. (R&I) announced that it has assigned rating on Micron Technology Inc at “BB+“. The rating outlook is stable. Full Article
Elpida Memory Inc Bondholders To Vote Against Micron Technology Inc's Plan-Reuters
Reuters reported that a group of Elpida Memory Inc bondholders will vote against Micron Technology Inc's plan to acquire the bankrupt Japanese chipmaker for about $750 million, arguing it undervalues the company's assets, a court filing shows. In a filing to a Tokyo district court on July 9, the bondholders said they would put forward an alternative proposal to counter Micron's offer. The bond holders identified themselves as multi-billion dollar funds, without disclosing their names. It was not immediately clear if the bondholders had enough votes to scuttle the transaction, which was agreed earlier this month. Under the deal, Micron will pay JPY60 billion ($753.7 million) for Elpida's equity and pay creditors JPY140 billion in annual installments until 2019. Full Article
Micron Technology, Inc. To Acquire Elpida Memory, Inc.
Micron Technology, Inc. and Elpida Memory, Inc.'s trustees announced that the parties have signed a definitive sponsor agreement for Micron to acquire and support Elpida. The agreement has been entered into in connection with Elpida's corporate reorganization proceedings conducted under the jurisdiction of the Tokyo District Court. Under the agreement, JPY200 billion (approximately USD2.5 billion assuming JPY80/USD) total consideration, less certain reorganization proceeding expenses, will be used to satisfy the reorganization claims of Elpida's secured and unsecured creditors. Micron will acquire 100% of the equity of Elpida for JPY60 billion (approximately USD750 million) to be paid in cash at closing. In addition, JPY140 billion (approximately USD1.75 billion) in future annual installment payments through 2019 will be paid from cash flow generated from Micron's payment for foundry services provided by Elpida, as a Micron subsidiary. As a result of these payments, all pre-petition debt obligations of Elpida will be fully discharged under the corporate reorganization proceedings. The agreement also calls for Micron to provide certain financing support for Elpida capital expenditures and to maintain Elpida's operations and employees. The transactions are expected to close in the first half of calendar 2013. Micron's purchase of the Powerchip group's Rexchip shares will occur upon close of the Elpida transaction. Full Article
Elpida seeks U.S. court approval for sale to Micron
May 22 - Japan's Elpida Memory Inc asked U.S. Bankruptcy Court in Delaware on Wednesday to enforce its reorganization plan sale to Micron Technologies Inc, a final step to creating the world's second-largest maker of memory chips.
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