TPG and China's Hony Capital are jointly bidding for Elpida Memory. The private-equity firms bid in the first round of the auction and are expected to submit a bid in a second round, which is expected to close 27 April, a person familiar with the matter told the Wall Street Journal. Hony Capital's parent is China's Legend Holdings, which has a large stake in computer maker Lenovo. SK Hynix also said that it submitted a preliminary bid proposal for Elpida. Elpida filed for bankruptcy protection in late February. If successful, TPG and Hony Capital are expected to sell Elpida products to the growing Chinese market, the person familiar with the matter said.
