Form 8-K MICRON TECHNOLOGY INC For: Dec 11
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Moody's Affirms Ratings on Micron Technology (MU) Amid Inotera Memories M&A Deal
December 14, 2015 11:09 AM ESTMoody's Investors Service ("Moody's") affirmed Micron Technology Inc.'s (Nasdaq: MU) ("Micron") ratings, including the Ba2 Corporate Family Rating ("CFR"), the Ba2-PD Probability of Default Rating ("PDR"), the Ba3 Senior Unsecured rating, and the SGL-2 Speculative Grade Liquidity ("SGL") rating. This follows Micron's announced plan to acquire the 67% of Inotera Memories, Inc. ("Inotera") that Micron does not currently own for about $4 billion, funded with about $2.5 billion of new debt, up to $1 billion of Micron shares, and about $500 million of balance sheet cash. The outlook is stable.
RATINGS RATIONALE
Micron's Ba2 corporate family... More
Micron Technology (MU) to Acquire Remaining Inotera Memories Shares in $3.2B Deal
December 14, 2015 6:19 AM ESTMicron Technology, Inc. (Nasdaq: MU) and Inotera Memories announced the signing of an agreement for Micron to acquire Inoteras remaining shares for consideration worth 30 New Taiwan Dollars per share or approximately $0.92 USD per share. Micron currently owns approximately 33 percent of Inotera. This represents a transaction value of approximately $3.2 billion, net of cash and debt at Inotera, to acquire the remaining equity.
We believe this is a compelling combination for both companies shareholders and employees, said Micron CEO Mark Durcan. The acquisition is the culmination of a highly successful seven year partnership with Inotera.... More
