Elpida Bondholders Tell Court Micron Buyout Bid Too Cheap

Elpida Memory Inc.’s bondholders told a Tokyo court that Micron Technology Inc.’s takeover offer for the bankrupt Japanese memory-chip maker is too low.

Elpida, which sought bankruptcy protection in February, is worth 300 billion yen ($3.8 billion), compared with Micron’s proposed 200-billion yen offer, the bondholders said in a statement today. The group, which represents 20 institutional investors, submitted its version of a revival plan for the chipmaker, which includes offering 30 billion yen in credit, the group said.