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Tundra Receives Notification from Gennum that it Will Not Match the IDT Offer
OTTAWA, April 30 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX:TUN) ("Tundra") today annou...
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[{"type":"text","content":"\n\n\n\nOTTAWA, April 30 /CNW Telbec/ - Tundra Semiconductor Corporation\n(TSX:TUN) ("Tundra") today announced that it has received notice from Gennum\nCorporation (TSX:GND) ("Gennum") pursuant to the amended arrangement agreement\nbetween Gennum and Tundra (the "Gennum Agreement") that Gennum will not\nexercise its right to match the offer by Integrated Device Technology, Inc.\n(NASDAQ:IDT) ("IDT"), announced on April 27, 2009, to acquire all of the\nissued and outstanding common shares of Tundra at a cash price of Cdn $6.25\nper share (the "IDT Offer").\n\n\nOn April 25, 2009, Tundra notified Gennum of the Tundra Board's\ndetermination that the IDT Offer constitutes a "Superior Proposal" as defined\nin the Gennum Agreement. Pursuant to the Gennum Agreement, Gennum had the\nright, but not the obligation, to offer to amend the terms of the Gennum\nAgreement during a period of five business days to match the IDT Offer. Gennum\nhas elected not to exercise its right to match.\n\n\nAs a result of Gennum's notification, Tundra expects to be in a position\nto enter into an Arrangement Agreement with IDT as contemplated by the IDT\nOffer after Tundra has made payment of a Cdn $5.0 million termination fee to\nGennum and terminated the Gennum Agreement.\n\n\nAbout Tundra\n\n\nTundra Semiconductor Corporation (TSX:TUN) supplies the world's leading\ncommunications, computing and storage companies with System Interconnect\nproducts, intellectual property (IP) and design services backed by world-class\ncustomer service and technical support. Tundra's track record of product\nleadership includes over a decade of bridges and switches enabling key\nindustry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), Power\nArchitecture(TM), VME, HyperTransport(TM), Interlaken, and SPI4.2. Tundra's\nproducts deliver high functional quality and simplified board design and\nlayout, with specific focus on system level signal integrity. Tundra's design\nservices division, Silicon Logic Engineering, Inc., offers industry-leading\nASIC and FPGA design services, semiconductor intellectual property and product\ndevelopment consulting. Tundra's technology connects critical components in\nhigh performance embedded systems around the world. For more information,\nplease visit www.tundra.com.\n\n\nCaution R...