Toshiba pulls out of Elpida bid

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Toshiba pulls out of Elpida bid

Toshiba decided not to participate in the second round of bidding to acquire bankrupt Tokyo-based Elpida Memory, Japan’s Mainichi Shimbun reported yesterday.

The second round will close on Friday, and a preferred bidder will be announced next month. Previously, Toshiba proposed making a joint bid with Hynix.

Noting that the bidding process will not include a Japanese company, Mainichi reported that the troubled chipmaker will be acquired by foreign capital as candidates have been narrowed down to three foreign firms: SK Hynix, U.S.-based Micron Technology and China’s Hony Capital.

Elpida is Japan’s only maker of dynamic random-access memory chips, or DRAM. Toshiba reportedly changed its mind after its joint bid talks with SK Hynix failed to generate serious negotiations.

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