Micron Technology surges 12% in pre-market trade on reports of Tsinghua Unigroup bid
Shares in US chipmaker Micron Technology surged 12% in pre-market trade following press reports that China’s state-owned Tsinghua Unigroup is planning to offer $23bn for the business, in a deal that would be the biggest Chinese takeover of a US company.
Micron Technology Inc.
$99.73
12:49 01/11/24
0.08%
$0.08
Nasdaq 100
20,033.14
12:15 01/11/24
0.72%
142.73
According to press reports, the offer price of $21 a share represents a 19% premium to Micron’s closing price on Monday.
In May, Tsinghua purchased a $2.3bn majority stake in Hewlett Packard’s Chinese server, storage and technology unit.
Tsinghua Unigroup said on Tuesday that a deal was “still under discussion.”
Micron makes dynamic random access memory chips used mostly in personal computers and NAND memory chips for storing music, pictures and other data.