Hedge Funds Flog Micron/Lexar Deal

Several hedge funds continue to oppose Micron's(MU Quote) acquisition of Lexar Media(LEXR Quote), and recently told the companies that they plan to vote against the merger when shareholders vote on the matter Friday.

In a filing with the Securities and Exchange Commission Tuesday, fund partners Elliott Associates and Elliott International, which together own 7.5% of Lexar shares, disclosed that the funds have reaffirmed their opposition to the deal as currently structured in a meeting with Micron and Lexar's management last week.

"The Reporting Persons intend to oppose the current transaction and intend to continue to discuss these viewpoints as well as alternatives to the current transaction with other large shareholders of the Issuer," read the filing. ...