Tokyo district court aproves Elpida’s acquisition by Micron

After Tokyo district court approved Idaho-based Micron’s plan to re- organize Elpida,  they’re now one step closer to complete the acquisition and confident that its just a matter of time all the formalities will be completed. This approval came just after the court dismissed a rival’s proposition for Elpida’s acquisition.

As of now, Micron requires to get the approval of the creditors, as well as court and regulatory approvals from U.S. to transfer Elpida’s assets- most likely sealing the deal in the first half of 2013.

Elpida was the last of Japan’s DRAM flash chipmakers which went into bankruptcy because of falling chip prices and multiple foreign competition and was unable to get a bailout from the Japanese government. The company was delisted from Tokyo stock exchange on March.

After completing acquisition, Micron will grab #2 spot as the largest DRAM Chips manufacturer, below Samsung Electronics.

Source: Reuters