Micron Plans Public Offering

Sat., Jan. 25, 1997

Compiled From Wire Services

Micron Electronics Inc., says it plans a public offering of 13.5 million shares of its common stock.

Micron Electronics closed at $22.62 per share on Thursday. If all 13.5 million shares are sold, the offering would raise just over $300 million.

The company said Friday it has filed a prospectus supplement with the Securities and Exchange Commission. Micron Technology Inc., owns 79 percent of the outstanding common shares of the subsidiary and will put 10 million shares up for sale, with the other 3.5 million shares coming from Micron Electronics.

The sale will reduce Micron Technology’s stake in Micron Electronics to 66 percent, 64 percent if an overallotment option is exercised.

Micron Electronics and its subsidiaries manufacture electronics products and provide services for computing and digital applications. The company markets personal computers.

The company said it plans to use proceeds from the stock offering for general corporate purposes, including capital expenditures and working capital. The parent company, Micron Technology, said it would use proceeds from the sale of its 10 million shares for general corporate purposes.

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Micron Plans Public Offering

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