Micron Technology has announced that its takeover of Elpida Memory has moved a big step closer with official approval by the Tokyo District Court of Elpida's business reorganisation plan.
This plan calls for Micron to sponsor Elpida's reorganisation under which Elpida will become a wholly owned subsidiary of Micron.
The Tokyo District Court's approval follows an Elpida creditor vote, concluded on Feb. 26, in which the creditors voted to approve the reorganisation plan.
World's second largest memory company "This is an important milestone that brings us a significant step closer to Micron and Elpida becoming the world's second largest memory company with the strongest product portfolio in the industry," said Micron CEO Mark Durcan.
The closing of the transaction remains subject to the satisfaction or waiver of certain conditions - including finalisation of the Tokyo District Court's approval order under Japanese bankruptcy rules.
Elpida's reorganisation plan needs to be approved by the US Bankruptcy Court for the District of Delaware.
Elpida and Micron continue to target completion of the transaction in the first half of calendar 2013.
