Micron has won the right to exclusively bid for the acquisition of Elpida Memory.
According to the New York Times, Micron has offered "more than" 200 billion yen, approximately $2.5 billion, for the bankrupt memory maker. A substantial portion of the money would go toward Elpida's outstanding debt.
It's heavy lifting for Micron, which said it had only $2.1 billion in cash as of March 1, but the deal would enable the company to become a powerful rival for Samsung, which has been dominating the memory chip market for almost a decade, according to IHS. With Elpida in its pocket, Micron could become the world's second largest DRAM memory maker with a market share of about 25 percent.
The New York Times report stated that Micron would keep Elpida's two major factories open for production and not lay off any of its employees. An announcement of an acquisition is expected this summer as Elpida will be unveiling its plan of going forward by August 21.