Deals
Micron Gains as ‘Poison Pill’ Sparks Speculation It’s a Target
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Micron Technology Inc., the largest U.S. largest memory chipmaker, rose as much as 9 percent after the company took steps to make a takeover more difficult, sparking speculation that the company is a target.
Micron’s board of directors adopted a “poison pill,” a rights issue that would be triggered if an individual or group acquires 4.99 percent or more of the company’s outstanding stock. It’s designed to deter unwanted buyout overtures and allow the company to retain tax benefits related to prior losses, Micron said Monday in a regulatory filing.