Reuters: Private Equity: UPDATE 1-U.S, Chinese private equity in joint bid for Japan's Elpida-source

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UPDATE 1-U.S, Chinese private equity in joint bid for Japan's Elpida-source Apr 6th 2012, 05:41 Fri Apr 6, 2012 1:41am EDT TOKYO, April 6 (Reuters) - Private equity firms TPG Capital LP of the United States and China's Hony Capital are bidding jointly to buy Elpida Memory, a source familiar with the matter said on Friday, heating up the battle for the bankrupt Japanese chipmaker. The two firms will participate in a second round of bidding for Elpida, due to close on April 27, said the person, who asked not to be identified because the information is not public. Elpida is the world's No.3 maker of DRAM chips, behind top-ranked Samsung Electronics and SK hynix , with suitors said to be interested in Elpida's DRAM chips that are used in smartphones and tablets. With Chinese, U.S. and South Korean firms in the bidding process, it looks increasingly likely there will be a foreign rescue within Japan's once-mighty technology sector. South Korea's SK hynix has confirmed it is bidding, while sources have told Reuters that U.S. firm Micron Technology is also in the race. Japan's Toshiba Corp has approached SK hynix about bidding jointly after its solo offer was reportedly less than Micron's, other sources have said. A decision on the bidding for Elpida is expected as early as next month.

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