Micron's (MU) Inotera Deal is an Expensive Use of Equity - Needham & Company

Micron's (MU) Inotera Acquisition Likely to Help Close Tech Gap vs. Samsung - Cowen

Cowen and Company affirms Micron (Nasdaq: MU) with an Outperform rating and $24 price target following news that the company would acquire the rest of Inotera Memories that it doesn't already own.

On the news, analyst Timothy Arcuri commented:

"MU and Inotera jointly announced that MU is buying the remaining 67% of Inotera for $4B ($3.2B EV), consisting of... More

S&P Affirms Ratings on Micron Technology (MU) Amid Move to Acquire Remaining Inotera Memories

Standard & Poor's Ratings Services today said it affirmed its 'BB' corporate credit rating on Micron Technology Inc. (Nasdaq: MU). The outlook is stable.

At the same time, we affirmed the issue ratings on all of Micron's senior unsecured debt at 'BB'. The recovery rating remains '3', indicating our expectation of meaningful (50% to 70%; upper end of the range) recovery in the event of a payment default.

"The rating affirmation... More

Benefits of Micron's (MU) Deal to Acquire Remaining Stake in Inotera Seen as Slightly Puzzling, Says Analyst

Deutsche Bank maintained a Buy rating on Micron Technology (NASDAQ: MU) with a price target of $20. Earlier Micron said it will acquire the remaining shares of Inotera in a deal valued at $3.2 billion. Micron had owned 33% of the company.

Commenting the development, analyst Sidney Ho said, "While the transaction will... More

Moody's Affirms Ratings on Micron Technology (MU) Amid Inotera Memories M&A Deal

Moody'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

Micron 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