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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: Carl R. who wrote (39599)	10/3/1998 12:12:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 53903

Carl, that quote (the article) was as the deal was structured in June. That has changed, TI keeps the responsibility for the Italian debt) That comes from a recent Yahoo news release. If you cannot find it, I'll try to locate it. Zeev Carl, here is the reference: Under the terms of the agreement, TI received approximately 28.9 million shares of Micron common stock valued at $881 million as of the closing date, $740 million in notes convertible into an additional 12 million shares of Micron common stock, and a $210 million subordinated note. The market value of the 6.5 percent convertible and subordinated notes is approximately $836 million. In addition to TI's memory assets, Micron received $550 million in proceeds from financing provided by TI to facilitate the deployment of Micron's technology throughout the acquired business. As part of the transaction, Micron also received a 10 year royalty-free cross license agreement. The proceeds are less than previously announced as TI agreed to retain its Italian government-sponsored debt. TI expects a before tax gain of approximately $100 million on the sale, which will be deferred until the repayment of the TI-provided financing. From: biz.yahoo.com Mu was supposed to get from TI $750 MM rather than the current $550 MM and that is to compensate for TI keeping the Italian debt. It is quite possible the Italian Government wanted TI rather than MU on the "bottom line". (G)