Hynix creditors don't like Micron terms
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Posted in Channel, 4th January 2002 10:11 GMT
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Hynix creditors, mostly banks, want Micron to pay $7 billion for the Korean DRAM vendor. But Micron may offer only $5 billion for the company, Hynix says.
The creditors, which have the power to naysay the deal, want to recoup $4.6 billion, just under two-thirds of the debt that Hynix carries.
So how do we know this? It's all very convoluted: Bloomsberg is citing the Korean Daily News which in turn is citing a report on an unnamed Korean web site.
According to this report, Micron will offer shares to buy Hynix and will set up a separate company called Micron Korea. Micron says the report is speculative, as no offer has been made yet. But it must be pretty close to the mark - as it prompted Hynix to publicly confirm takeover valuations placed on the company by its creditors and by Micron. ®
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