Micron Recommends Shareholders Reject TRC Capital's "Mini-Tender" Offer
(Thomson Reuters ONE) -
BOISE, Idaho, Oct. 23, 2014 (GLOBE NEWSWIRE) -- Micron Technology, Inc.
(Nasdaq:MU) received notice of an unsolicited mini-tender offer by TRC Capital
Corporation ("TRC Capital") to purchase up to 4,000,000 shares of Micron's
common stock, at a price of $27.00 per share. This offering price is
approximately 4.59% below the closing price per share of Micron common stock on
October 16, 2014, the last trading day before the mini-tender offer was
commenced.
Micron does not endorse this unsolicited mini-tender offer and recommends that
shareholders reject the offer because the offer price is below the current
market price for Micron shares and is subject to numerous conditions. Micron
also recommends that any shareholders who have tendered shares to TRC Capital
withdraw those shares by providing the written notice described in the offering
documentation before the expiration of the offer, which is currently scheduled
for 12:01 a.m., New York City time, on November 18, 2014.
Micron is not associated with TRC Capital, its mini-tender offer or the mini-
tender offer documentation.
TRC Capital has made similar unsolicited mini-tender offers for shares of other
public companies. Mini-tender offers are designed to seek less than 5% of a
company's outstanding shares, thereby avoiding many investor protections,
including the disclosure and procedural requirements applicable to most bids
under United States securities laws.
The U.S. Securities and Exchange Commission (SEC) has previously expressed
serious concerns with mini-tender offers and has published investor tips
regarding these offers on its website at:
http://www.sec.gov/investor/pubs/minitend.htm. The SEC has noted that "some
bidders make mini-tender offers at below-market prices, hoping that they will
catch investors off guard if the investors do not compare the offer price to the
current market price." Micron also encourages brokers and dealers, as well as
other market participants, to review the SEC's letter regarding broker-dealer
mini-tender offer dissemination and disclosures on the SEC's website at:
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Micron urges investors to obtain current market quotations for their shares,
consult with their broker or financial advisor and exercise caution with respect
to TRC Capital's offer.
Micron requests that a copy of this news release be included with all
distributions of materials relating to TRC Capital's mini-tender offer related
to Micron shares of common stock.
About Micron
Micron Technology, Inc., is a global leader in advanced semiconductor systems.
Micron's broad portfolio of high-performance memory technologies-including DRAM,
NAND and NOR Flash-is the basis for solid state drives, modules, multichip
packages and other system solutions. Backed by more than 35 years of technology
leadership, Micron's memory solutions enable the world's most innovative
computing, consumer, enterprise storage, networking, mobile, embedded and
automotive applications. Micron's common stock is traded on the NASDAQ under the
MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
CONTACT: Kipp A. Bedard
Investor Relations
kbedard(at)micron.com
(208) 368-4465
Daniel Francisco
Media Relations
dfrancisco(at)micron.com
(208) 368-5584
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originality of the information contained therein.
Source: Micron Technology, Inc. via GlobeNewswire
[HUG#1865421]
Unternehmensinformation / Kurzprofil:
Datum: 23.10.2014 - 23:12 Uhr
Sprache: Deutsch
News-ID 346698
Anzahl Zeichen: 4325
contact information:
Town:
Boise Idaho
Kategorie:
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"Micron Recommends Shareholders Reject TRC Capital's "Mini-Tender" Offer"
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