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Tuesday, July 14, 2015

China's Tsinghua prepares $23 billion bid for U.S. chip maker Micron - sources, (NASDAQ: MU)

China's state-backed Tsinghua Unigroup Ltd is preparing a $23 billion bid for U.S. memory chip maker Micron Technology Inc, in what would be the biggest Chinese takeover of a U.S. company, people familiar with the matter said.The technology conglomerate is prepared to bid $21 per share for Micron, a 19.3 percent premium to the stock's close on Monday. The offer could come as early as Wednesday, a person close to Tsinghua told Reuters, although a Micron spokesman said it had not received an offer.A successful bid would consolidate Tsinghua Unigroup's position as a champion for China's technology development, after it struck deals and research partnerships with international firms in the semiconductor industry.The company is controlled by Tsinghua University in Beijing, which counts President Xi Jinping among its alumni, and is backed by China's central government.

Micron Technology, Inc. is a global provider of semiconductor devices. Shares of MU remained unchanged at $17.61. In the past year, the shares have traded as low as $17.14 and as high as $36.59. On average, 26142000 shares of MU exchange hands on a given day and today's volume is recorded at 35927112.