Micron Technology Inc. moved a step closer to its takeover of bankrupt Japanese memory chip producer Elpida Memory Inc. this week.
The Tokyo High Court tossed out an appeal by creditors to a Tokyo District Court's approval of the company's reorganization plan which calls for Micron to take over the Japanese company.
This is an important milestone on the way to Micron and Elpida joining to become the world's second largest memory provider, said Mark Durcan, Micron CEO.
A U.S. bankruptcy court must sill recognize Elpidas reorganization plan.
Microns acquisition of Elpida will give the memory chip company a larger share of the market for dynamic random access memory used in PCs and mobile devices. It also will give the company access to mobile technology that will help Micron better compete in the smartphone and tablet markets.