"With this acquisition, Micron becomes a vertically integrated provider of flash storage requirements for retail customers as well as consumer electronics and enterprise segments," said Steve Appleton, Micron Chairman, Chief Executive Officer and President. "Together with our NAND designs, technology, manufacturing capability and distribution channels, Micron offers a complete package of NAND memory solutions for our customers. We are pleased that our merger with Lexar has been completed, and look forward to working with their talented team to quickly and smoothly integrate their operations into Micron."
"Our merger with Micron is a great opportunity for our stockholders, our employees and the future of Lexar," said Eric Stang, Lexar's Chairman, Chief Executive Officer and President. "On behalf of Lexar's board of directors, I want to thank our stockholders and hard-working employees for their support throughout this process."
As previously announced, at Lexar's June 16, 2006 special meeting of stockholders, Lexar stockholders approved the adoption of the amended merger agreement with Micron. On March 8, 2006, Lexar and Micron entered into a definitive merger agreement under which Micron would acquire all of the outstanding common stock of Lexar in a stock-for-stock merger. Under the terms of the definitive merger agreement, as revised, each outstanding share of Lexar common stock will receive 0.5925 shares of Micron common stock.
Effective after the close of market today and with the closing of the transaction, trading in Lexar common stock on NASDAQ stock market will cease. Micron will promptly arrange for a letter of transmittal to be sent to each registered Lexar stockholder that will inform such stockholder where to deliver Lexar stock certificates in order to receive shares of Micron stock and cash in lieu of fractional shares. Lexar stockholders who hold their shares in street name will not receive a letter of transmittal. Such stockholders' accounts are to be credited with their new Micron shares within approximately three business days.
About Micron Technology, Inc.
Micron Technology, Inc., is one of the world's leading providers of advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND flash memory, CMOS image sensors, other semiconductor components, and memory modules for use in leading-edge computing, consumer, networking, and mobile products. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com.
Micron and the Micron orbit logo are trademarks of Micron Technology, Inc. Lexar and the Lexar logo are trademarks of Lexar Media, Inc. All other trademarks are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties concerning Micron's acquisition of Lexar Media, Inc., including the timing of the share exchange. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. The potential risks and uncertainties include, among others, the share exchange may be delayed. In addition, please refer to the documents that Micron and Lexar file with the Securities and Exchange Commission on Forms S-4, 10-K, 10-Q and 8-K. The filings by each of Micron and Lexar identify and address other important factors that could cause actual results to differ materially from those contained in the forward-looking statements set forth in this press release. Micron and Lexar are under no duty to update any of the forward-looking statements after the date of this press release to conform to actual results.