Chinese state-owned chipmaker Tsinghua makes US$23b bid for Micron in landmark deal

China’s state-owned chipmaker Tsinghua Unigroup has submitted a US$23 billion bid to buy out Micron Technology, the No. 2 player in the global memory chip market, according to parties familiar with the deal.

If Micron accepts, it would mark the biggest Chinese takeover of a foreign company to date, the Wall Street Journal reported. 

Shares of Nasdaq-listed Micron have fallen by almost 50 per cent this year, plunging from US$35.01 at the end of December to US$17.61 this Monday. 

Tsinghua Unigroup is offering $21 per share, the daily reported.

Micron reported a 39 per cent drop in profit in the quarter ending June 4 amid concern over the future of the PC market, as mobile devices like smartphones, phablets and tablets gain traction.