Micron Chips Away at Rivals with a $1.27 Billion Deal

In a DailyFinancepiece last week, I wrote that the semiconductor industry is poised for a nice pick-up in M&A. The major operators have lots of cash and need growth. At the same time, there are many small and midsize companies that are selling at attractive valuations.

This week we got another big deal in the space: Micron Technology (MU), which is the largest US memory developer, agreed to pay $1.27 billion for Numonyx Holdings BV. It's an all-stock deal involving 140 million shares. Depending on the moves in the stock price, Micron may pay up to 10 million more shares.