Short Take: Micron shares for sale
Semiconductor maker Micron Technology plans to sell approximately 13 percent of its stake in computer maker Micron Electronics as part of a public offering of 13.5 million Micron Electronics shares. Micron Technology will still be the majority shareholder with 66 percent of the smaller company's shares. Micron Technology needs the money because falling PC memory prices hurt its first quarter profits. Proceeds from the offering will be used for general corporate expenses for both companies.
Semiconductor maker plans to sell approximately 13 percent of its stake in computer maker Micron Electronics as part of a public offering of 13.5 million Micron Electronics shares. Micron Technology will still be the majority shareholder with 66 percent of the smaller company's shares. Micron Technology needs the money because falling PC memory prices hurt its first quarter profits. Proceeds from the offering will be used for general corporate expenses for both companies.