Micron Technology, Inc., to Acquire Rendition, Inc. - 06/1998
BOISE, Idaho, June 22, 1998 -- Micron Technology, Inc., (NYSE:MU) and Rendition, Inc., today announced that they have signed an Agreement and Plan of Reorganization whereby Micron will acquire Rendition pursuant to a stock-for-stock merger. The merger is expected to increase Micron's presence in the field of graphics accelerators and provide other strategic benefits to both companies.
Micron Technology has been investigating various strategies for diversifying its product portfolio in ways that leverage its strength in DRAM semiconductor manufacturing. "Graphics accelerators represent an ideal application that takes advantage of Micron's newly developed embedded DRAM technology. The joining of forces between Micron Technology and Rendition positions us to service the graphics accelerator market in a unique way by having ownership of the architecture, design, and manufacturing of these devices," said Steve Appleton, Micron Technology's Chairman, President and CEO. "We are very excited about the new opportunities in graphics accelerators and digital appliances that this partnership makes possible."
"The combination of the two companies facilitates continued aggressive development and technological innovations in the graphics products arena," added John Zucker, Rendition's CEO. "It also provides Rendition with access to expanded engineering resources, a worldwide sales force, and existing customer relationships."
Pursuant to the merger, shareholders of Rendition will receive approximately 3.7 million shares of Micron common stock. The merger, approved by the Boards of Directors of both companies, requires various regulatory and Rendition shareholder approval, and is subject to other customary closing conditions.
Rendition, Inc., provides high-performance, low-cost, multi-functional graphics accelerators for the high volume personal computer market. Founded in 1993, the company's products enable entertainment and multimedia users to enjoy next generation 2D, 3D, and video playback on their PC.
Micron Technology, Inc., and its subsidiaries manufacture and market DRAMs, very fast SRAMs, Flash, other semiconductor components, memory modules, personal computer systems, and high-performance RFID products. Micron's common stock is traded on the New York Stock Exchange (NYSE) under the symbol MU.