Seoul, Korea – Hynix Semiconductor Inc. said it was not in sale or merger talks, a day after Micron Technology Inc. said it was open to restarting negotiations with the chipmaker.

“We are currently focused on our management and our own restructuring,” said Hynix spokeswoman Kang In-young. “We have not been in talks with any other party about a sale or merger.”

Hynix shares rose after Micron CEO Steve Appleton suggested a landmark deal between the two companies remained possible, Reuters reported.

Hynix rebuffed a $3 billion offer from Micron for core memory operations in late April, dashing a move by Micron to surpass Samsung Electronics as the world’s largest memory maker. But analysts question Hynix’s ability to stand alone as rivals Micron, Samsung, and Germany’s Infineon Technologies invest in smaller, more profitable geometries that produce more chips/wafer.

“If you can’t spend the money, you can’t go down to the next level. Typically, you need $200 million a year just to figure out how to do it and then you have to buy the equipment,” said an analyst at a foreign brokerage in Seoul, referring to Hynix’s funding needs.

Hynix creditors owed more than $5 billion by the company have asked Morgan Stanley Dean Witter and Deutsche Bank to table restructuring plans for Hynix this month.

Lenders own 80.65% of Hynix and are expected to rekindle asset sales after replacing Hynix’s board of directors this month. “We will decide how to deal with Hynix after the restructuring plan comes out,” an official at creditor Korea Exchange Bank said.