PixTech to Acquire Display Division of Micron Technology, Inc.
Micron Technology to become 32% shareholder of PixTech
SANTA CLARA, Calif. and BOISE, Idaho--(BUSINESS WIRE)--March 19, 1999--PixTech, Inc. (Nasdaq/NM and EASDAQ:PIXT) and Micron Technology, Inc. (NYSE:MU - news) today announced the signing of a definitive agreement for PixTech to acquire assets of Micron's Field Emission Display Division located in Boise, Idaho.
Under the terms of the agreement, in exchange for the transfer of certain assets (including manufacturing equipment and $4.35 million in cash) and liabilities to PixTech, Micron will receive approximately 7.134 million shares of PixTech's Common Stock and warrants to purchase an additional 310,000 shares of PixTech's Common Stock at an exercise price of approximately $2.25. As a result of this transaction, Micron will own approximately 32% of PixTech's outstanding shares of Common Stock. The transaction is expected to reduce Micron's second quarter 1999 earnings per share by approximately $0.03.
biz.yahoo.com
rejected headline: "Micron Technology buys Q2 earnings fudge factor for $4.35M" |
