Elpida filed for protection from creditors last month with 448 billion yen ($5.45 billion) in debt.
It will soon stop accepting applications for the first round of bidding, the Nikkei newspaper said. After the second round at the end of April, a single sponsor will be selected in early May, the paper added.
Though other firms such as Intel Corp and Taiwan's Formosa Plastics Group - the parent of Nanya Technology Corp - may join the fray, Toshiba and Micron are likely to become leading contenders, the business daily said.
The Korean company's move comes just after it officially launched as SK hynix this week following a takeover of a majority stake in Hynix by cash-rich SK Telecom Co. Hynix's chief executive said earlier this month the company was not interested in Elpida.
Toshiba shares ended down 1.9 percent, underperforming a 0.4 percent decline in the broader Tokyo market.
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