The report from Dow Jones that a Chinese company is looking to buy Boise-based Micron Technology came after Monday's closing bell on the NASDAQ exchange, but as soon as the headlines hit the wires, Micron's after-hours stock value jumped and remained high at NASDAQ's opening bell—trading at nearly $20 a share Tuesday morning.
Dow Jones reports that Chinese government-backed Tsinghua Unigroup is submitting an offer to buy Micron for nearly $23 billion, or $21 per share. If successful, the takeover would be the largest Chinese acquisition of an American company.
Meanwhile, a Micron spokesman told Bloomberg that the Boise company had not received an offer from Tsinghua.
Tsinghua is China's largest government-owned chip design company and, this past May, purchased a $2.3 billion majority stake in Hewlett-Packard's Chinese server, storage and technology unit.