Elpida Bondholders Oppose Micron’s $2.5 Billion Takeover

Elpida Memory Inc. bondholders urged a Japanese court to reject Micron Technology Inc.’s planned 200 billion yen ($2.5 billion) takeover of the bankrupt memory-chip maker, saying the deal is “severely detrimental.”

The bondholders, claiming to represent Japanese and international pension funds, plan to propose an alternative to Micron’s deal, according to a copy of a filing in Tokyo District Court, a translation of which was submitted July 9 in U.S. Bankruptcy Court in Wilmington, Delaware. Elpida filed for bankruptcy protection in February.