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Toshiba bows out of Elpida bid

Posted: 10 Apr 2012 ?? ?Print Version ?Bookmark and Share

Keywords:Elpida bankruptcy? DRAM business? memory chip?

Toshiba Corp. no longer plans to bid for a stake in fellow Japanese chip vendor Elpida Memory Inc., according to a Reuters news service report that cites two Japanese newspapers as its source.

Toshiba, which got out of the DRAM business several years ago, was urged by the Japanese government to invest in Elpida earlier this year, prior to Elpida filing for bankruptcy in February. Toshiba reportedly declined, but last week, Japan's Nikkei newspaper reported that the firm would bid for Elpida.

Reuters reported that Japan's Asahi and Mainichi newspapers said that Toshiba would exit the bidding. The newspapers did not provide specifics, according to Reuters.

According to a separate Reuters report, also citing unnamed sources, Toshiba approached South Korea's SK Hynix Inc. about the possibility of the two companies making a joint bid for Elpida. According to the report, Micron Technology Inc., Hynix and an investment firm all put in second-round bids for Elpida after Toshiba opted out.

Reports are also swirling that Chinese investment firm Hony Capital is teaming up with U.S. private equity firm TPG Capital to bid for Elpida.

Hony Capital, founded in 2003 by John Zhao, has specialized in the buy-out of China state-owned enterprises and now has $6.8 billion in assets under management. TPG, formerly Texas Pacific Group, has $49 billion of capital under management.

The two firms bid jointly in the first round of the auction for Elpida and are expected to submit a joint bid in the second round, the reports in the Financial Times and Wall Street Journal said, citing unnamed sources.

- Peter Clarke
??EE Times





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