Micron: Elpida Memory sale cleared by Japanese Fair Trade Commission

By Caroline Salls

Pittsburgh, Dec. 21 - Elpida Memory, Inc. and Micron Technology, Inc. announced on Dec. 21 that the Japan Fair Trade Commission has cleared Micron's previously announced acquisition of Elpida.

According to a Micron news release, clearance under Japan's Act on Prohibition of Private Monopolization and Maintenance of Fair Trade satisfies one of the conditions necessary for completion of the transaction.

The transaction has also cleared pre-merger review in the United States, Czech Republic and Korea.

Micron said the closing of the transaction remains subject to other conditions, including approval by Elpida creditors, the Tokyo District Court and regulatory approvals in other countries.

The sale is expected to be completed in the first half of 2013.

As previously reported, Elpida's proposed reorganization plan was submitted to the Tokyo District Court on Aug. 21, and the Tokyo District Court approved the submission of the plan to creditors on Oct. 31.

Elpida, a Tokyo-based manufacturer of DRAM integrated circuits, filed for bankruptcy on March 19, 2012 in the U.S. Bankruptcy Court for the District of Delaware to gain recognition of its Japanese proceedings. Its Chapter 15 case number is 12-10947.

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