Asia and Global Semiconductor and Tech Research

Andrew Lu

Event-Driven

<h2>Summary</h2><ul>
<li>
Revising our earlier view: We earlier believed Toshiba's new memory company would be a perfect opportunity for China to invest as China is willing to pay a premium, but Toshiba needs the cash desperately. We now expect Toshiba may not sell it to its competitors but to its technology partner or memory module customers.</li>
<li>
Still the core business:  The memory is still the core competitive business for Toshiba in a long-run. Toshiba may not want to help its competitors. </li>
<li>
No antitrust issue: If…</li>
</ul>

Summary

Revising our earlier view: We earlier believed Toshiba's new memory company would be a perfect opportunity for China to invest as China is willing to pay a premium, but Toshiba needs the cash desperately. We now expect Toshiba may not sell it to its competitors but to its technology partner or memory module customers.

Still the core business:  The memory is still the core competitive business for Toshiba in a long-run. Toshiba may not want to help its competitors. 

No antitrust issue: If…


Toshiba Might Not Sell the Memory Business to Its Competitors

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

A very interesting news came out of China’s memory chip industry. Tsinghua Unigroup merged its memory chip operations with that of Chinese state-run XMC. As a result, the combined business will become a USD2.8bil company. This mega deal is an outcome of China’s effort to create a global semiconductor player. The newly merged entity is called Changjiang Storage Co. and has a registered capital of CNY18.9bil (USD2.8bil).Tsinghua Unigroup tried to acquire Micron Technology for USD23bil. In…

A very interesting news came out of China’s memory chip industry. Tsinghua Unigroup merged its memory chip operations with that of Chinese state-run XMC. As a result, the combined business will become a USD2.8bil company. This mega deal is an outcome of China’s effort to create a global semiconductor player. The newly merged entity is called Changjiang Storage Co. and has a registered capital of CNY18.9bil (USD2.8bil).Tsinghua Unigroup tried to acquire Micron Technology for USD23bil. In…

NAND Memory Oversupply Concern: Implication of Tsinghua-XMC Merger on Samsung

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

A fear that the MOFCOM will retaliate for CFIUS’ decision to review an investment by Unisplendour into Western Digital is creating an attractive spread in SanDisk/Western Digital, two hedge fund investors told CTFN.

A fear that the MOFCOM will retaliate for CFIUS’ decision to review an investment by Unisplendour into Western Digital is creating an attractive spread in SanDisk/Western Digital, two hedge fund investors told CTFN.

MOFCOM Concern Evident in SanDisk/Western Digital Spread

Cross-ownership between hard disk drive manufacturer Western Digital Corp. and flash memory company SanDisk Corp. suggests that shareholders of both companies will support the merger, according to <a href="http://ctfn.news" target="_blank">CTFN</a> research.

Cross-ownership between hard disk drive manufacturer Western Digital Corp. and flash memory company SanDisk Corp. suggests that shareholders of both companies will support the merger, according to CTFN research.

Cross-Ownership Suggests Positive SanDisk/Western Digital Vote

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete. 

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

United States

SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

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Sandisk Corp (SNDK US)

Toshiba Might Not Sell the Memory Business to Its Competitors

Summary Revising our earlier view: We earlier believed Toshiba's new memory company would be a perfect opportunity for China to invest as China is...

Andrew Lu

NAND Memory Oversupply Concern: Implication of Tsinghua-XMC Merger on Samsung

A very interesting news came out of China’s memory chip industry. Tsinghua Unigroup merged its memory chip operations with that of Chinese...

Sanghyun Park

MOFCOM Concern Evident in SanDisk/Western Digital Spread

A fear that the MOFCOM will retaliate for CFIUS’ decision to review an investment by Unisplendour into Western Digital is creating an attractive...

CTFN

Cross-Ownership Suggests Positive SanDisk/Western Digital Vote

Cross-ownership between hard disk drive manufacturer Western Digital Corp. and flash memory company SanDisk Corp. suggests that shareholders of...

CTFN

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average...

Dechert LLP

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