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Integrated Device Technology, Inc. and Tundra Semiconductor Corporation sign definitive acquisition agreement
Transaction to Provide Mutual Customers with Broader Product Portfolio and Strengthened Roadmap f...
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nTransaction to Provide Mutual Customers with Broader Product Portfolio\n\n\nand Strengthened Roadmap for Innovation\n\n\nSAN JOSE, CA, and OTTAWA, April 30 /CNW Telbec/ - IDT(R) (Integrated\nDevice Technology, Inc.; NASDAQ: IDTI), a leading provider of essential mixed\nsignal semiconductor solutions that enrich the digital media experience, and\nTundra (Tundra Semiconductor Corporation; TSX: TUN), a leader in system\ninterconnect, today announced the two companies have entered into a definitive\nacquisition agreement (the "IDT/Tundra Acquisition Agreement") pursuant to\nwhich IDT will acquire Tundra for CDN$6.25 per share, for an aggregate\npurchase price of approximately CDN$120.8 million.\n\n\n"IDT is excited about the proposed acquisition of Tundra. We look forward\nto better serving our customers by utilizing the Tundra core strengths in\nserial switching and bridging using PCI Express(R), Rapid IO(R) and VME, with\nthe existing IDT mixed signal product portfolio," said Dr. Ted Tewksbury,\npresident and CEO at IDT. "We believe the result of this transaction will\nprovide our customers with a broader product offering as well as improved\nservice, support and future roadmap of serial connectivity innovations. This\ntransaction reflects our commitment to extending our technology leadership in\nthe communications end market, which is particularly critical in the current\nchallenging economic environment."\n\n\n"Tundra is excited to bring this opportunity to shareholders and\ncustomers," said Daniel Hoste, President and Chief Executive Officer of\nTundra. "We believe that the combined technology innovation capability of the\ntwo companies will allow our customers better service, products, and support\nwith their increasingly complex communications solutions."\n\n\nAbout the Transaction\n\n\nUnder the terms of the IDT/Tundra Acquisition Agreement, which is to be\ncompleted as a statutory plan of arrangement under the Canada Business\nCorporations Act, Tundra shareholders will receive cash in the amount of\nCDN$6.25 per Tundra share. IDT will finance the transaction with cash on hand.\nAll outstanding "out of the money" options of Tundra will be assumed by IDT in\nthe transaction; all "in the money" options and RSUs of Tundra will be cash\nsettled on the ...