Semiconductor solutions provider Integrated Device Technology Inc. (IDTI) Monday said it has completed the acquisition of all of the shares of Tundra Semiconductor Corp. (TUN.TO) for an aggregate cash consideration of about C$120.8 million.
Integrated Device Technology also noted that the acquisition is expected to strengthen its product portfolio of serial switching and bridging, while expecting a further reinforcement in the IDTI leadership in interconnect solutions for the communication, computing and embedded segments.
Ted Tewksbury, president and CEO of IDTI said, "In addition, we currently project that this acquisition will be financially accretive to IDT's non-GAAP EPS in the second full fiscal quarter of IDT combined operations."
Originally, the proposal to acquire Tundra was made by Integrated Device Technology on April 27, 2009. At that time, Tundra, however, was a party to an agreement for Gennum Corp. (GND.TO) to acquire it with a mixture of cash and stock. The IDT proposal constituted a premium of 12%, based on Gennum's 5-day volume weighted average price of C$4.59 per share ended April 24. The Tundra board then determined IDT proposal as superior.
As announced earlier, Tundra shares will now be de-listed from the Toronto Stock Exchange.
IDTI is currently trading at $5.92, down $0.11 or 1.82%, on a volume of 0.19 million shares.
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