State-backed Chinese technology conglomerate Tsinghua Unigroup Ltd is preparing a $23 billion bid for U.S. memory chip maker Micron Technology Inc, The Wall Street Journal reported, in what would be the biggest Chinese takeover of a U.S. company.Unigroup is prepared to bid $21 per share for Micron, which is at a 19.3 percent premium to the stock's close on Monday, the Journal reported, citing people familiar with the matter. (on.wsj.com/1fE2GQm)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 Unigroup said it was not clear it had received Chinese regulatory approval for an overseas takeover.
Micron Technology, Inc. is a global provider of semiconductor devices. Shares of MU traded higher by 0.23% or $0.04/share to $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 35788069.