Für 3.4 Milliarden Dollar gehn se weg.
Micron in $3.4b deal for Korea's Hynix
By Bill Clifford, CBS.MarketWatch.com
Last Update: 3:12 AM ET April 22, 2002
SEOUL (CBS.MW) -- Micron Technology, the world's second largest maker of memory chips,
unveiled Monday a preliminary stock-and-cash deal valued at $3.4 billion that would make
it No. 1, displacing South Korea's Samsung Electronics.
Micron has agreed to buy the memory
business of Samsung's Korean rival
Hynix Semiconductor, ranked No. 3 in
the world, for 108.6 million shares of
common stock.
Shares of Micron (MU: news, chart,
profile) closed on Friday at $29.50,
which values the memory part of deal at
about $3.2 billion.
Under the non-binding memorandum of
understanding that follows five months of
difficult talks, Micron also intends to pay
an extra $200 million for a 15 percent
equity stake in Hynix's non-memory
business.
As part of this transaction, South
Korean lenders will provide $1.5 billion of long-term debt financing to Micron for its Korea-based
operations.
The boards of Micron and Hynix (HXSDY: news, chart, profile), along with Hynix's creditors have until
April 30 to reach a final agreement, the companies said. Hynix owes creditors 6.5 trillion won ($4.9
billion).
The deal, if given all these thumbs up, would then be subject to the approval of Hynix shareholders
and U.S. and European antitrust authorities.
"Although there remain additional details to be negotiated before a definitive agreement can be
achieved, we're confident the outstanding resources of Hynix combined with Micron's operations will
create a leading semiconductor company that will benefit its employees, shareholders, affiliates and
worldwide customers," said Steve Appleton, president and CEO of Micron, in a statement.
Micron in $3.4b deal for Korea's Hynix
By Bill Clifford, CBS.MarketWatch.com
Last Update: 3:12 AM ET April 22, 2002
SEOUL (CBS.MW) -- Micron Technology, the world's second largest maker of memory chips,
unveiled Monday a preliminary stock-and-cash deal valued at $3.4 billion that would make
it No. 1, displacing South Korea's Samsung Electronics.
Micron has agreed to buy the memory
business of Samsung's Korean rival
Hynix Semiconductor, ranked No. 3 in
the world, for 108.6 million shares of
common stock.
Shares of Micron (MU: news, chart,
profile) closed on Friday at $29.50,
which values the memory part of deal at
about $3.2 billion.
Under the non-binding memorandum of
understanding that follows five months of
difficult talks, Micron also intends to pay
an extra $200 million for a 15 percent
equity stake in Hynix's non-memory
business.
As part of this transaction, South
Korean lenders will provide $1.5 billion of long-term debt financing to Micron for its Korea-based
operations.
The boards of Micron and Hynix (HXSDY: news, chart, profile), along with Hynix's creditors have until
April 30 to reach a final agreement, the companies said. Hynix owes creditors 6.5 trillion won ($4.9
billion).
The deal, if given all these thumbs up, would then be subject to the approval of Hynix shareholders
and U.S. and European antitrust authorities.
"Although there remain additional details to be negotiated before a definitive agreement can be
achieved, we're confident the outstanding resources of Hynix combined with Micron's operations will
create a leading semiconductor company that will benefit its employees, shareholders, affiliates and
worldwide customers," said Steve Appleton, president and CEO of Micron, in a statement.
