Micron Technology Provides Update on Inotera Acquisition
08 June 2016 - 8:00PM
Micron Technology, Inc. (NASDAQ:MU) today announced an update
regarding its effort to acquire the remaining interest in Inotera.
While the acquisition was initially expected to close in
mid-July 2016, the parties have concluded that closing the
transaction on this timeframe is not possible. Micron expects
to provide an update toward the latter part of calendar 2016.
As previously announced, a subsidiary of Micron agreed to
acquire 100% of the issued and outstanding shares of Inotera
pursuant to a Share Swap Agreement dated February 3, 2016.
Micron subsidiaries currently hold approximately 33% of the issued
and outstanding Inotera shares.
About MicronMicron Technology, Inc., is a
global leader in advanced semiconductor systems. Micron’s broad
portfolio of high-performance memory technologies—including DRAM,
NAND and NOR Flash—is the basis for solid state drives, modules,
multichip packages and other system solutions. Backed by more than
35 years of technology leadership, Micron’s memory solutions enable
the world’s most innovative computing, consumer, enterprise
storage, networking, mobile, embedded and automotive applications.
Micron’s common stock is traded on the NASDAQ under the MU symbol.
To learn more about Micron Technology, Inc., visit
www.micron.com.
Micron and the Micron orbit logo are trademarks of Micron
Technology, Inc. All other trademarks are the property of their
respective owners.
This press release contains forward-looking statements regarding
future events that involve risks and uncertainties, including
statements related to the closing date of the Inotera acquisition.
These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results to differ
materially, including: the ability to consummate the transaction;
the risk that regulatory approvals required for the transaction are
not obtained or are obtained subject to conditions that are not
anticipated; the risk that the financing required to fund the
transaction is not obtained; the risk that the other conditions to
the closing of the transaction are not satisfied; potential adverse
reactions or changes to business or employee relationships,
including those resulting from the announcement or completion of
the transaction; uncertainties as to the timing of the transaction;
competitive responses to the proposed transaction; uncertainty of
the expected financial performance of the combined operations
following completion of the proposed transaction; the ability to
successfully integrate Inotera’s operations and employees; the
ability to realize anticipated synergies and cost savings;
unexpected costs, charges or expenses resulting from the
transaction; as well as other risks and uncertainties identified in
our most recent Form 10-K and Form 10-Q filed with the Securities
and Exchange Commission. The forward-looking statements speak only
as of the date of this report and undue reliance should not be
placed on these statements. The Company disclaims any obligation to
update any forward-looking statements as a result of new
information, future events or otherwise.
Contacts: Ivan Donaldson
Micron Investor Relations
idonaldson@micron.com
+1 (208) 368-4093
Daniel Francisco
Micron Media Relations
dfrancisco@micron.com
+1 (208) 368-5584
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