China chip maker prepares US$23b bid for Micron: WSJ

Beijing

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.

A Tsinghua Unigroup spokesman said he did not know anything about the reported deal, while a person close to Tsinghua Unigroup said it was not clear it…