Friday, chipmaker Intel Corp. (INTC) said about 69 million shares of common stock or 89% of the outstanding shares of Wind River Systems, Inc. (WIND) were validly tendered and not withdrawn at end of the initial offer period that expired on July 9. The company also announced a subsequent offering period.
Santa Clara, California-based Intel had earlier announced a tender offer, through APC II Acquisition Corporation, for all outstanding shares, including Series A Junior Participating Preferred Stock, of Wind River Systems for $11.50 per share.
All shares that were validly tendered and not properly withdrawn have been accepted for payment, Intel said.
The company also announced that it will commence a subsequent offering period for Wind River, at the same offer price of $11.50 per share, which will begin on July 10, and expire on July 15, unless extended.
Shares tendered during the subsequent offering period cannot be delivered by the guaranteed delivery procedure and may not be withdrawn, the company said.
Following the expiration of the subsequent offering period, Intel intends to complete the acquisition without a vote or meeting of Wind River Systems Inc.'s remaining stockholders.
Following the merger, Wind River will become a wholly owned subsidiary of Intel, and each share of Wind River's outstanding common stock will be canceled and converted into the right to receive the same consideration. Thereafter, Wind River common stock will cease to be traded on the NASDAQ Global Select Market.
INTC is currently up $0.12 or 0.75% and trades at $16.14. WIND is currently up $0.01 or 0.09% and trades at $11.50.
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