Micron Technology (MU): Tsinghua Unigroup Preps $23B Bid

In a potential big win for David Einhorn’s Greenlight Capital, Chinese state-backed company Tsinghua Unigroup is said to be planning a $23 billion bid to acquire U.S. memory chip maker Micron Technology in what could be the biggest Chinese takeover of a U.S. company ever. If the bid fructifies, it would be the largest outbound acquisition for a China-based company, surpassing Cnooc’s $17.4 billion bid for Nexen Energy in 2012.

Tsinghua’s bid for Micron at 19% premium

Beijing-based Tsinghua Unigroup, which was founded in 1988, became China’s largest chip design firm in 2013 after acquiring two of the country’s largest mobile-chip firms, Spreadtrum Communications and RDA Microelectronics. Tsinghua Unigroup is the investment arm...