8-KOther Events

MICRON TECHNOLOGY INC 8-K Report, Corporate Update (Feb 3, 2014)

Filed February 3, 2014For Securities:MU

Summary

Micron Technology Inc. (MU) filed an 8-K on February 3, 2014, primarily detailing the financial implications of its recent acquisitions. The report confirms the completion of the Elpida Memory, Inc. acquisition on July 31, 2013, for $615 million, giving Micron 100% ownership. Additionally, Micron acquired a 24% stake in Rexchip Electronics Corporation from Powerchip Technology Corporation for $334 million on the same date. Given Elpida's existing 65% ownership in Rexchip, Micron now holds approximately 89% of Rexchip. This filing includes unaudited pro forma condensed combined statements of operations for the year ended August 29, 2013, reflecting the impact of these significant acquisitions. Investors should review these pro forma statements to understand the combined financial performance and potential synergies or integration costs associated with the Elpida and Rexchip acquisitions. The report also references previously filed audited financial statements for Elpida Memory, Inc.

Key Highlights

  • 1Micron completed the acquisition of Elpida Memory, Inc. for $615 million on July 31, 2013, gaining 100% ownership.
  • 2Micron acquired a 24% stake in Rexchip Electronics Corporation for $334 million on July 31, 2013.
  • 3Post-acquisition, Micron now holds approximately 89% of Rexchip's common stock, with Elpida's prior 65% stake contributing to this majority.
  • 4The filing includes unaudited pro forma condensed combined statements of operations for the year ended August 29, 2013.
  • 5These pro forma statements are designed to show the combined financial performance after giving effect to the Elpida and Rexchip acquisitions.
  • 6The report references previously filed audited financial statements for Elpida Memory, Inc. for fiscal periods ending February 28, 2013, and March 31, 2012.

Frequently Asked Questions

Micron paid $615 million for Elpida Memory, Inc. and $334 million for its stake in Rexchip Electronics Corporation, totaling $949 million in cash for these transactions.

By acquiring Elpida, which already owned approximately 65% of Rexchip, and then acquiring an additional 24% stake directly, Micron achieved a consolidated ownership of roughly 89% in Rexchip Electronics Corporation.

The filing includes unaudited pro forma condensed combined statements of operations for the year ended August 29, 2013. These statements show what the company's financial performance would have looked like if the acquisitions had occurred earlier, allowing investors to assess the combined entity's historical performance.

Audited consolidated financial statements for Elpida Memory, Inc. for the eleven months ended February 28, 2013, and the fiscal year ended March 31, 2012, are referenced and incorporated by reference from a prior filing (Exhibit 99.2 to the Company’s Current Report on Form 8-K/A filed on October 16, 2013).