Micron made the announcement following a May 10 approval by the Tokyo District Court allowing Elpida’s trustees to negotiate an agreement with Micron, pursuant to which Micron would become Elpida’s sponsor and acquire Elpida’s entire business in accordance with the corporate reorganization proceedings.
Elpida, a semiconductor DRAM memory manufacturer, filed a petition for commencement of Corporate Reorganization Proceedings with the Tokyo District Court under the Corporate Reorganization Act of Japan on Feb. 27, 2012, which proceedings have been commenced.
Elpida recently undertook a bidding process to select a company to sponsor Elpida during its Corporate Reorganization proceedings and to acquire the company’s business. In that process, Elpida has decided to move forward in negotiations with Micron as the potential sponsor.