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Elpida creditors to oppose sale to Micron?

Posted on Wednesday, July 11 2012 @ 11:20:08 CEST by


X-bit Labs reports Elpida bondholders may oppose selling the company to Micron, claiming the US based memory maker will get Elpida at a huge discount and that it will eventually be able not to pay certain parts of the acquisition sum:
Under the agreement Elpida and Micron signed early this month, the latter will pay creditors of the former ¥200 billion (approximately $2.5 billion) total consideration, of which ¥60 billion (~$750 million) are to be paid in cash at closing, whereas, another ¥140 billion (~$1.75 billion) will be paid in future annual installment payments through 2019 from cash flow generated from Micron’s payment for foundry services provided by Elpida, as a Micron subsidiary.

Certain creditors of Elpida claim that not only $2.5 billion is too low price for Elpida, considering the fact that they will only get about $750 million for the company's equity, whereas 24% share of Rexchip Semiconductor will be acquired by Micron for $334 million, but the annual installment payments are subject to certain conditions and may never be paid.




 



 

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