"A Chinese state-owned company has prepared a $23 billion bid to buy US memory chip maker Micron Technology Inc., people familiar with the matter said, in what could be the largest foreign takeover by a Chinese firm. Tsinghua Unigroup Ltd, China’s largest chip design company, is willing to pay $21 a share for Micron, a 19.3% premium over its Monday closing price * * * Shares of Nasdaq-listed Micron have fallen by nearly half in the past year. They closed at $17.61 on Monday. A letter outlining Tsinghua’s bid has been presented to Micron
"A Micron spokesman said the Boise, Idaho, company hasn’t received a buyout offer and declined further comment.
"The previous record [for Chinese takeovers of US firms] was Chinese meat processor Shuanghui International Holdings Ltd’s $7.1 billion takeover of Smithfield Foods Inc in 2013
"Intel Corp announced last year it would buy a 20% stake in Tsinghua Unigroup for $1.5 billion.
"Tsinghua Unigroup, which was founded in 1988 by China’s elite Tsinghua University, became China’s largest chip design firm in 2013 after acquiring two of the country’s largest mobile-chip firms, Spreadtrum Communications and RDA Microelectronics.
My comment: There is no need to read the rest, as US might not approve it.