Piper Jaffray analyst Ruben Roy says that while the reported bid by Tsinghua Unigroup makes strategic sense for the China-backed company, the stated purchase price of $21 per share does not make sense for Micron (MU). Using the average semiconductor takeout multiple on deals completed over the past 18 months, Micron would be worth $43 per share in an acquisition. Roy also thinks a Chinese takeout of U.S.-based Micron would face scrutiny from the U.S. government. He sees an intellectual property partnership between Micron and Tsinghua as a more likely outcome. Roy has an Overweight rating on Micron. The chip maker is up $2.22 to $19.86 in pre-open trading after the Wall Street Journal reported that Tsinghua offered to buy the company for $23B or $21 per share.