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Micron, Lexar complete merger transaction

Posted: 26 Jun 2006 ?? ?Print Version ?Bookmark and Share

Keywords:merger? Micron? Lexar? semiconductor? storage?

Micron Technology Inc., a provider of semiconductor solutions, and Lexar Media Inc., a manufacturer of removable storage products, announced that they have completed their merger transaction for a purchase price of approximately $850 million.

"With this acquisition, Micron becomes a vertically-integrated provider of flash storage requirements for retail customers as well as consumer electronics and enterprise segments," said Steve Appleton, Micron chairman, CEO and president. "We are pleased that our merger with Lexar has been completed, and look forward to working with their team to integrate their operations into Micron."

At Lexar's June 16 special meeting of stockholders, its stockholders approved the adoption of the amended merger agreement with Micron. Last March 8, Lexar and Micron entered into a definitive merger agreement under which Micron would acquire all of the outstanding common stock of Lexar in a stock-for-stock merger. Under the terms of the definitive merger agreement, as revised, each outstanding share of Lexar common stock will receive 0.5925 shares of Micron common stock.

Effective after the close of market last June 21 and with the closing of the transaction, trading in Lexar common stock at the Nasdaq stock market will cease. Micron will arrange for a letter of transmittal to be sent to each registered Lexar stockholder that will inform such stockholder where to deliver Lexar stock certificates in order to receive shares of Micron stock and cash in lieu of fractional shares.




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