China chip maker prepares US$23b bid for Micron: WSJ
The company, controlled by Tsinghua University in Beijing, has struck many international deals in recent past
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STATE-backed Chinese technology conglomerate Tsinghua Unigroup Ltd is preparing a US$23 billion bid for US memory chip maker Micron Technology Inc, The Wall Street Journal reported, in what would be the biggest Chinese takeover of a US company.
Tsinghua Unigroup is prepared to bid US$21 per share for Micron, which is at a 19.3 per cent premium to the stock's close on Monday, the Journal reported, citing people familiar with the matter. The Journal earlier reported that a bid had been submitted. A Micron spokesman however said that while the company did not comment on rumours or speculation, it had not received an offer.
