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Tundra Announces Receipt of Cdn $6.25 per Share Cash Offer from Integrated Device Technology, Inc.
OTTAWA, April 27 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX: TUN) ("Tundra") today anno...
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[{"type":"text","content":"\n\n\n\nOTTAWA, April 27 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX:\nTUN) ("Tundra") today announced the receipt of an acquisition proposal from\nIntegrated Device Technology, Inc. (NASDAQ: IDTI) ("IDT") for the acquisition\nof all of the issued and outstanding common shares of Tundra by way of a\nstatutory plan of arrangement at a cash price of Cdn $6.25 per share, or an\naggregate purchase price of approximately Cdn $120.8 million (the "IDT\nOffer"). The IDT Offer is not subject to any due diligence condition, and IDT\nhas indicated that the purchase price payable under its offer will be funded\nfrom IDT's cash balance.\n\n\nThe Tundra Board of Directors has determined that the IDT Offer\nconstitutes a "Superior Proposal" as defined under the amended arrangement\nagreement between Gennum Corporation (TSX: GND) ("Gennum") and Tundra (the\n"Gennum Agreement") initially announced on March 19, 2009 and amended on April\n16, 2009.\n\n\nUnder the Gennum Agreement, Gennum has agreed to acquire all of the\nissued and outstanding shares of Tundra for consideration of, at the election\nof the holder, a cash price of Cdn $5.81 per share or 1.1679 common shares of\nGennum or a combination thereof, subject to pro ration. The IDT Offer\nconstitutes a premium of 12% over Gennum's offer, based on Gennum's 5-day\nVolume Weighted Average Price on the TSX ended April 24, 2009 of Cdn $4.5904\nper Gennum common share and a premium of 13% over Gennum's offer, based on the\nclosing price on the TSX of Cdn $4.48 per Gennum common share on April 24,\n2009.\n\n\nTundra provided notice to Gennum on April 25, 2009 that the IDT Offer\nconstitutes a Superior Proposal as defined in the Gennum Agreement. Pursuant\nto the Gennum Agreement, Gennum has the right, but not the obligation, to\noffer to amend the terms of the Gennum Agreement for a period of five business\ndays, ending on May 1, 2009.\n\n\nTundra's Board of Directors is obliged to review in good faith any such\noffer by Gennum to determine whether any such amended offer by Gennum, upon\nacceptance by Tundra, would cause the IDT Offer to cease to be a Superior\nProposal, in which case Tundra would enter into an amended agreement with\nGennum. If after the expiry of Gennum's match period at 11:59 p.m. EDT on May\n1, 2009, Gennum d...