South Korea's SK Hynix Inc. said it's no longer vying to buy Elpida Memory Inc., the Japanese chipmaker under bankruptcy protection.

The company announced the decision in a regulatory filing without elaborating shortly after the second round of bidding for Elpida closed at noon Friday in Tokyo.

Hynix submitted an initial bid for the world's third-largest memory chipmaker last month to boost its mobile chip business for smartphones and tablet computers.

Elpida filed for bankruptcy protection on Feb. 27 with debt of $5.5 billion.

Elpida's fall came as weak demand for personal computers and an oversupply of chips squeezed margins for chipmakers.