Micron Confirms Chinese Antitrust Clearance

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On Tuesday, Micron Technology (NASDAQ: MU  ) confirmed that it has obtained antitrust clearance from China's Ministry of Commerce for its acquisition of DRAM memory maker Elpida Memory. Pre-merger approvals had already been obtained from the U.S., Czech Republic, Japan, South Korea, Singapore, and Taiwan, leaving only China's assent as necessary for the merger to proceed.

In a statement, Micron noted that there are still a few "conditions" that need to be satisfied before closing. Notably, the Tokyo District Court must approve Elpida's reorganization plan, as must the United States Bankruptcy Court for the District of Delaware. Also, Elpida's own creditors have a vote scheduled to approve the plan on Feb. 26.

Still, assuming these hurdles can be overcome, Micron and Elpida plan to close the transaction in the first half of 2013. 

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9/28/2016 4:00 PM
MU $17.44 Down -0.56 -3.11%
Micron Technology CAPS Rating: ***