Wednesday, April 29, 2009

Integrated Device Technology and Tundra Sign Merger Agreement

Integrated Device Technology (IDT) and Tundra Semiconductor signed a definitive acquisition agreement under which IDT will acquire Tundra for CDN$6.25 per share, for an aggregate purchase price of approximately CDN$120.8 million.

Gennum, which had made an earlier offer to acquire Tundra, declined to match the IDT bid.

"IDT is excited about the proposed acquisition of Tundra. We look forward to better serving our customers by utilizing the Tundra core strengths in serial switching and bridging using PCI Express, RapidIO and VME, with the existing IDT mixed signal product portfolio," said Dr. Ted Tewksbury, president and CEO at IDT. "We believe the result of this transaction will provide our customers with a broader product offering as well as improved service, support and future roadmap of serial connectivity innovations. This transaction reflects our commitment to extending our technology leadership in the communications end market, which is particularly critical in the current challenging economic environment."

"Tundra is excited to bring this opportunity to shareholders and customers," said Daniel Hoste, President and Chief Executive Officer of Tundra. "We believe that the combined technology innovation capability of the two companies will allow our customers better service, products, and support with their increasingly complex communications solutions."

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