Debt ridden South Korean semiconductor firm Hynix is likely to have its assets seized and sold off by its creditors after the company rejected a $3.1bn bid from US company Micron this week.
The deal would have made Micron the biggest memory player in the market, but the board of directors at Hynix, which has made a $6bn loss over the past two years, incensed its creditors by dismissing the offer.
Analysts are now tipping the creditors, which approved the sale on Monday, to exchange $2.34bn worth of convertible bonds, or a 75 per cent stake in Hynix, which would enable them to sack the board and proceed with the asset sale.
A report from Hynix's advisors Salomon Smith Barney referred to the rejection as "a series of events that we believe would have surprised even Shakespeare". The report also described the board as "a stumbling block".
South Korea's finance minister referred to the collapse of Hynix as "regrettable and embarrassing for the government", according to news agency Yonhap.
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