A group of bond holders will reportedly vote against the acquisition and claim that, at $750 million, Elpida has been undervalued. In a rather unusual move, the members of the group, which are unknown at this point, said that they would present a counter offer.
The acquisition process could hit a roadblock because of the move, but it is unclear whether the bond holders have enough voting power to halt the deal. However, a report published by Reuters also noted that the group is considering to pursue alliances with other Elpida creditors and ditch Micron as the prospective buyer.
Under the current proposal, Micron agreed to pay $60 billion yen, about $750 million, for Elpida's assets, and cover 140 billion yen, about $1.76 billion, in debt in annual installments until 2019. An additional $334 million will go toward a 24 percent stake in Rexchip Electronics. Back in February, Elpida filed for bankruptcy with a total debt of 448 billion yen - about $5.6 billion.
