SK Hynix Says Won’t Agree to Western Digital-Kioxia Merger (1)

SK Hynix Inc. declared its opposition to a merger of Kioxia Holdings Corp. and Western Digital Corp., introducing more uncertainty to a landmark US-Japanese deal years in the making.

The world’s No. 2 memory chipmaker, an indirect shareholder in the Japanese chipmaker, says the transaction undervalued its stake.

SK Hynix “is not agreeing to the deal at this time in light of the overall impact on the value of the company’s investment” in Kioxia, Chief Financial Officer Kim Woohyun told analysts on a post-results call. The company “will make a decision for the sake of all stakeholders, including ...