Hynix drops bid for bankrupt chipmaker Elpida
South Korea's SK Hynix Inc. said it's no longer vying to buy Elpida Memory Inc., the Japanese chipmaker under bankruptcy protection.
The company announced the decision in a regulatory filing without elaborating shortly after the second round of bidding for Elpida closed at noon Friday in Tokyo.
Hynix submitted an initial bid for the world's third-largest memory chipmaker last month to boost its mobile chip business for smartphones and tablet computers.
Elpida filed for bankruptcy protection on Feb. 27 with debt of $5.5 billion.
Elpida's fall came as weak demand for personal computers and an oversupply of chips squeezed margins for chipmakers.