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|2nd May 2012, 07:40||#1|
Join Date: May 2010
IDT to Acquire PLX Technology
Integrated Device Technology, Inc. (IDT), the Analog and Digital Company delivering essential mixed-signal semiconductor solutions, and PLX Technology, Inc., today announced that they have signed a definitive agreement pursuant to which IDT will acquire PLX. Under the terms of the agreement, unanimously approved by the boards of directors of both companies, IDT will acquire all of the outstanding shares of PLX common stock pursuant to an exchange offer, followed by a second step merger. In the acquisition, PLX stockholders will receive $3.50 in cash and 0.525 shares of IDT common stock for each PLX common share outstanding. Based on IDT's closing stock price on April 27, 2012, the transaction is valued at approximately $7.00 per PLX share and results in a total transaction value of approximately $330 million.
"The proposed acquisition of PLX Technology represents an exciting expansion of IDT's core serial switching and interface business," said Ted Tewksbury, president and CEO at IDT. "Our two companies have complementary product sets, technologies and customer bases, and we share a focus on delivering the highest-performance system-level interconnect solutions for data centers and other applications. IDT and its shareholders will benefit from the top-line contribution of our enhanced product portfolio as well as the increased profitability provided through the added scale and expanded operating margin. This transaction is aligned with our long-term strategy of expanding our core businesses through organic growth and acquisitions."
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