Reuters: Private Equity: UPDATE 1-Deadline for Elpida bids to be extended by a week -Nikkei

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UPDATE 1-Deadline for Elpida bids to be extended by a week -Nikkei Apr 25th 2012, 01:07 Tue Apr 24, 2012 9:07pm EDT TOKYO, April 25 (Reuters) - A deadline for the submission of second-round bids for bankrupt Japanese chip maker Elpida Memory has been extended by about one week from the planned date of April 27, the Nikkei business daily reported on Wednesday. The paper said asset evaluations and information exchange with potential bidders were taking more time than expected, without citing sources. The Golden Week holidays start on April 30 in Japan and businesses are closed most of that week. The Nikkei said that Micron Technology and private equity firms TPG Capital LP and Hony Capital were in the race to take over the company, while SK hynix and Toshiba Corp were also jointly bidding. But a source close to Toshiba reaffirmed to Reuters on Wednesday that the Japanese company would not participate in the second round of bidding after talks stalled on a joint bid with potential partners including SK hynix, although the source did not rule out Toshiba eventually forming an alliance with the winner of the bidding process.

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