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Thursday, 1 November 2012 - Elpida says Tokyo court approves acquisition by Micron |
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Such advances may prove crucial as easy-to-exploit deposits run dry and miners drill deeper in more remote places.  Full Article  Tech investor leads a political makeover E-readers grapple with a future on the shelf Trans fats raise cholesterol, not blood sugar Follow Reuters Facebook Twitter RSS YouTube Read Republican candidate calls aborting rapist's child 'more violence on woman's body' 12:41am EDT Republican candidate calls aborting rapist's child "more violence on woman's body" 12:42am EDT Obama front and center in storm crisis as Romney subdued | 31 Oct 2012 Apple's Cook fields his A-team before a wary Wall Street 31 Oct 2012 Obama to use "affirmative" message in closing campaign pitch 1:01am EDT Discussed 115 Colin Powell endorses Obama for second term 93 Race is tied, but most think Obama will win: Reuters/Ipsos poll 87 Analysis: U.S. presidential race is all about Ohio – or is it? Sponsored Links Elpida says Tokyo court approves acquisition by Micron Tweet Share this Email Print Related News Elpida says court approves acquisition by Micron Wed, Oct 31 2012 UPDATE 2-Japan's Renesas posts smaller than expected Q2 loss Mon, Oct 29 2012 Samsung posts $7.4 billion profit, handsets mask weak chips Fri, Oct 26 2012 Lack of transparency may risk sale to Micron, U.S. judge warns Elpida Wed, Oct 24 2012 UPDATE 2-SK Hynix in smaller-than-expected loss, mobile chips help Tue, Oct 23 2012 Analysis & Opinion In Argentine bond ruling, 2nd Circuit upholds power of U.S. courts Argentina’s stunning pari passu loss Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Japan » Sandy in photos The aftermath of Sandy showcased in a series of large format pictures.   Full Article  SAN FRANCISCO/TOKYO | Thu Nov 1, 2012 3:05am EDT SAN FRANCISCO/TOKYO (Reuters) - Micron Technology's plan to acquire Japanese memory chipmaker Elpida took a big step toward completion after a Tokyo court approved the agreement and dismissed a rival proposal promoted by a group of bondholders. A district court in Tokyo said on Wednesday it was referring bankrupt Elpida's plan to be bought by U.S. chipmaker Micron to creditors for approval, according to a news release on Elpida's website. The court said it dismissed a rival proposal by a group of bondholders, led by hedge funds Linden Advisors, Owl Creek Asset Management and Taconic Capital Advisors, who have said the $2.5-billion price tag grossly undervalues Elpida, arguing that the company is worth 300 billion yen ($3.78 billion). The bondholder group said in a statement on Thursday that they would vote against the trustee's plan and urged other creditors, including secured lenders, trade creditors and individual Japanese bondholders, to do the same. "The bondholders will continue to pursue the rights and remedies available to them in the Japan, U.S., and other applicable courts," they said. Elpida, the last of Japan's dynamic random access memory (DRAM) chipmakers, was driven into bankruptcy by falling chip sales and foreign competition. Boise, Idaho-based Micron, which is losing money due to a crumbling PC industry, wants to create larger economies of scale and offered in early July to buy Elpida for about $750 million in cash and to pay creditors a total of $1.75 billion in annual installments through 2019. The deal would catapult Micron into the No. 2 spot in the global market for DRAM chips, behind Samsung Electronics. "We view this as a positive development, and continue to expect Micron to close its Elpida acquisition by (the first half of 2013)," Jefferies analyst Sundeep Bajikar said in a note to clients. Last week, a U.S. judge overseeing Elpida's parallel U.S. case said the company was taking a risk by not keeping creditors better informed. That U.S. judge would eventually have to approve the transfer of U.S. assets. (Reporting By Noel Randewich; Editing by Bob Burgdorfer and Ryan Woo) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Japan Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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