Micron Technology, Inc., and Lexar Media, Inc. Announce Completion of Transaction.BOISE, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. & FREMONT, Calif. -- Micron Technology Micron Technology ("Micron") NYSE: MU is a multinational company based in Boise, Idaho, USA, best known for producing many forms of semiconductor devices. This includes DRAM, SDRAM, flash memory, and CMOS image sensing chips. , Inc. (NYSE NYSE See: New York Stock Exchange :MU) and Lexar Media, Inc. (Nasdaq:LEXR) today announced that the companies have completed their merger transaction for a total 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 Steve Appleton (born 1960) is the CEO of Micron Technology, based in Boise, Idaho[1]. He was a nationally ranked tennis player while studying at Boise State University. , Micron Chairman, Chief Executive Officer and President. "Together with our NAND (Not AND) A Boolean logic operation that is true if any single input is false. Two-input NAND gates are often used as the sole logic element on gate array chips, because all Boolean operations can be created from NAND gates. See flash memory. designs, technology, manufacturing capability and distribution channels, Micron offers a complete package of NAND memory solutions for our customers. We are pleased that our merger with Lexar has been completed, and look forward to working with their talented team to quickly and smoothly integrate their operations into Micron." "Our merger with Micron is a great opportunity for our stockholders, our employees and the future of Lexar," said Eric Stang, Lexar's Chairman, Chief Executive Officer and President. "On behalf of Lexar's board of directors, I want to thank our stockholders and hard-working employees for their support throughout this process." As previously announced, at Lexar's June 16, 2006 special meeting of stockholders, Lexar stockholders approved the adoption of the amended merger agreement with Micron. On March 8, 2006, 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 today and with the closing of the transaction, trading in Lexar common stock on NASDAQ stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. will cease. Micron will promptly arrange for a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. 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 Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of fractional shares. Lexar stockholders who hold their shares in street name will not receive a letter of transmittal. Such stockholders' accounts are to be credited with their new Micron shares within approximately three business days. About Micron Technology, Inc. Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash See flash memory. memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Micron's common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com. Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. Lexar and the Lexar logo are trademarks of Lexar Media, Inc. All other trademarks are the property of their respective owners. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties concerning Micron's acquisition of Lexar Media, Inc., including the timing of the share exchange. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. The potential risks and uncertainties include, among others, the share exchange may be delayed. In addition, please refer to the documents that Micron and Lexar file with the Securities and Exchange Commission on Forms S-4, 10-K, 10-Q and 8-K. The filings by each of Micron and Lexar identify and address other important factors that could cause actual results to differ materially from those contained in the forward-looking statements set forth in this press release. Micron and Lexar are under no duty to update any of the forward-looking statements after the date of this press release to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" actual results. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion