By Christina Nickolas
Well I didn’t see that coming, but yesterday Integrated Device Technology (IDT), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, announced that it has acquired Fox Electronics, a leading global supplier of frequency control products, in an all-cash transaction for approximately $30 million, of which $26 million was paid at closing.
Since Fox Electronics’ was a profitable company, I never saw that coming. Its revenue was approximately $23 million in calendar year 2011.
Also yesterday IDT and PLX Technology 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 (i) $3.50 in cash and (ii) 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.
Well seems like IDT is on the roll…whats next for them?
Post a Comment