The calendar of Japanese companies fiscal year ends in March, so it is natural that Micron company tried to get approval from all interested parties to acquire Elpida in early April. The green light was given by competition authorities in several countries, now remained only small group of Elpida creditors. Recall that the U.S. company has to offer for Elpida only $ 750 million in cash and the remaining $ 1.75 billion will be paid in installments through 2019.
Now, as the official press release on Micron website , 26 February the company received approval of the transaction by the creditors Elpida, and Tokyo District Court issued a document, according to which there is no more obstacles to completion of the transaction. Some of the procedures under the laws of Japan in the field of bankruptcy, mean four weeks to appeal the decision of the court opposed the deal. Thus, if Elpida creditors will remain quite, by the end of March most of the formalities will be settled. In addition, U.S. courts must also give its opinion on the deal.
Micron Elpida intends to complete the purchase in the first half of 2013 calendar year. Micron deal would be the second-largest memory manufacturer in the world. Elpida plans to reform was considered by the District Court of Tokyo in late October last year, and it was filed by Micron in August that year.