Micron and Elpida Announce Antitrust Clearance of Transaction by Chinese
Ministry of Commerce
BOISE, Idaho, and TOKYO, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Micron Technology,
Inc. (Nasdaq:MU) ("Micron") and Elpida Memory, Inc. ("Elpida") today 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 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.
Elpida Memory, Inc. is a leading manufacturer of Dynamic Random Access Memory
(DRAM) integrated circuits. The company's design, manufacturing and sales
operations are backed by world class technological expertise. Its 300mm
manufacturing facilities, consisting of its Hiroshima Plant and a Taiwan-based
joint venture, Rexchip Electronics, utilize the most advanced manufacturing
technologies available. Elpida's portfolio features such characteristics as
high-density, high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications, including
personal computers, servers, mobile devices and digital consumer electronics.
More information can be found at http://www.elpida.com.
Micron Technology, Inc., is one of the world's leading providers of advanced
semiconductor solutions. Through its worldwide operations, Micron manufactures
and markets a full range of DRAM, NAND and NOR flash memory, as well as other
innovative memory technologies, packaging solutions and semiconductor systems
for use in leading-edge computing, consumer, networking, embedded and mobile
products. Micron's common stock is traded on the NASDAQ under the MU symbol.
To learn more about Micron Technology, Inc., visit www.micron.com.
The Micron Technology, Inc. logo is available at
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. All
other trademarks are the property of their respective owners.
CONTACT: Kipp Bedard
Micron Investor Relations
Micron Media Relations
Yukio Sakamoto, Elpida Trustee
Nobuaki Kobayashi, Elpida Trustee, Attorney-at-Law
Takao Adachi, Director and Executive Officer,
Elpida Public Relations
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