“Elpida Bondholders Oppose Acquisition By Boise’s Micron”

Elpida Memory Inc. bondholders are urging a Japanese court to reject Micron Technology Inc.’s planned $2.5 billion takeover of the bankrupt memory-chip maker, saying the deal is “severely detrimental.”

The bondholders, claiming to represent Japanese and international pension funds, plan to propose an alternative to Micron’s deal, according to a copy of a filing in Tokyo District Court. Elpida filed for bankruptcy protection in February.

Micron, the Boise memory-chip manufacturer, agreed to buy Elpida on July 2 for $2.5 billion (200 billion yen) in a deal that would double the U.S. company’s share of the global market

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