Micron announced on 31 October that the Tokyo District Court approved the reorganization plan submitted by Elpida on August 21, 2012, which indicates a green light for Micron's acquisition of Elpida, according to Micron's press release. Under the agreement previously signed by Micron and Elpida, Micron will buy Elpida for 200 billion yen (US$2.5 billion; US$1=80.1 yen). Meanwhile, the court dismissed another reorganization plan proposed by a group of Elpida's bondholders, claiming that the company is worth 300 billion yen (US$3.8 billion; US$1=80.1 yen). After the acquisition, Micron is expected to ascend to the second spot in the global DRAM (Dynamic Random Access Memory) IC market, only behind Samsung Electronics. However, the deal is said to still require approvals by creditors and by regulatory authorities in other countries and is anticipated to be finalized in the first half of 2013.