Japanese Court Approves Micron's $2.5B Bid For Elpida

Law360, New York (November 1, 2012, 12:40 PM EDT) -- A Tokyo court on Wednesday approved bankrupt Japanese chipmaker Elpida Memory Inc.'s planned $2.5 billion sale to rival Micron Technology Inc., submitting Elpida's reorganization plan to its creditors for approval.

The court’s decision dismisses a rival proposal issued by a group of Elpida bondholders who claimed the Micron buy undervalued the company, meaning the reorganization plan with Micron will be the only proposal submitted to the Elpida’s creditors, the debtor said in a statement.

“We will continue our efforts as best as we can to make...
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