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China's Tsinghua Unigroup may be making an opportunistic grab for the last U.S. memory chip maker, but the Chinese bidder for Micron is unlikely to gain U.S. approval.
The real significance may be that Tsinghua's bid put Micron Technology in play for another buyer, say analysts. Even if so, the list of purchasers would be short, considering its niche and size.
The Wall Street Journal reported Tuesday that Tsinghua Unigroup, China's largest chip design firm, has prepared a $21 per share or $23 billion offer for Micron. The newspaper quoted a source saying Tsinghua presented the bid to Micron management, but Micron was quoted as saying it had not received an offer and it had no further comment.
The bid, if made public, would be the biggest by a Chinese company and would be subject to U.S. review, including before the Treasury Department's Committee on Foreign Investment in the U.S.