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Einhorn’s Greenlight discloses stake in chipmaker Micron

26
Nov
2013

By Noel Randewich SAN FRANCISCO (Reuters) – David Einhorns hedge fund Greenlight Capital reported a stake of about 23.02 million shares in U.S. memory chipmaker Micron Technology, according to a filing on Monday. The disclosure of the stake, equivalent to about 2 percent of Micron, comes after Einhorn said last week he had invested in the chipmaker because it stands to benefit from industry consolidation. Einhorn made the comments, which contributed to a rally in Microns shares, in an interview aired on CNBC after speaking at an investor conference in New York City that was closed to the media. At the end of July, Micron, based in Boise, Idaho, completed its acquisition of failed Japanese memory chipmaker Elpida in a move to create economies of scale and better challenge memory chip leader Samsung Electronics.

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