Tuesday, June 6, 2006

Micron Ups Bid For Lexar

Boise, Idaho-based Micron Technology has increased its bid for Lexar, saying yesterday that the companies have agreed to increase the exchange rate of each outstanding of Lexar stock to 0.5925 shares of Micron common stock. The agreement increases the purchase price of Lexar to $945M. The move comes in response to shareholder dissent from Carl Icahn, a major holder of Lexar stock. Micron announced its acquisition of Lexar in March. Micron is a developer of flash memory and other semiconductor products.