Micron Withdraws From Talks to Buy Hynix

Micron Technology Inc. said it has formally withdrawn from talks to acquire Hynix Semiconductor Inc. assets despite continued interest in a deal from the South Korean company’s creditors. The announcement came two days after the collapse of a multibillion-dollar deal for Hynix memory chip operations that would have made Boise, Idaho-based Micron the world’s largest memory chip producer, with 40% of the global market. Samsung Electronics Inc. is the world’s biggest memory chip maker, with 28% of the market.

The directors of Hynix, the world’s third-largest producer, rejected the offer from Micron, the No. 2 chip maker, even though Hynix’s creditors had endorsed it. The directors said the offer of 108.6 million shares of Micron for their memory chip operations was inadequate. At the time of their decision, the Micron stock was worth just under $2.9 billion.

Micron shares fell $1.34 to $23.36 on the New York Stock Exchange.