Shareholders of Inotera Memories have approved the company's plan to become a wholly-owned subsidiary of Micron Semiconductor Taiwan (MST) through a share-swap transaction, according to the Taiwan-based DRAM chipmaker. The transaction is scheduled to close by the middle of 2016, and Inotera will delist from the Taiwan Stock Exchange (TSE).

According to Inotera's agreement with MST, MST will acquire all of the issued and outstanding common shares of Inotera for NT$30 (US$0.92) per share in cash.

The transaction is still subject to a syndicated loan Micron is discussing with banks, which is expected to finalize in the second quarter of 2016, Taiwan's Central News Agency (CNA) cited Inotera chairman Pei-Ing Lee as saying in a recent report.

The report also quoted Lee as saying that Taiwan is expected to become Micron's largest site for the manufacture of DRAM memory accounting for more than 60% of the US-based vendor's total DRAM production.

Micron in December 2015 announced plans to acquire Inotera's remaining shares. Micron owns approximately 33% of Inotera, and this represents a transaction value of approximately US$3.2 billion, net of cash and debt at Inotera, to acquire the remaining equity.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved