MACOM successfully completes tender offer for Mindspeed Technologies

M/A-COM Technology Solutions Holdings, Inc., a supplier of high performance RF, microwave, and millimeter wave products, today announced that it has successfully completed its previously announced tender offer to purchase all outstanding shares of common stock of Mindspeed Technologies, Inc. for $5.05 per share in cash. The tender offer expired at 12:00 midnight, New York City time, on December 17, 2013. As such, MACOM intends to complete the acquisition of Mindspeed today through a merger under Section 251(h) of the Delaware General Corporation Law.

“I am pleased to announce the successful completion of the Mindspeed tender,” John Croteau, president and chief executive officer said. “I believe the acquisition will firmly position MACOM as a leading global provider of high performance analog (HPA) solutions for high speed Networking as well as Enterprise applications. As foreshadowed in our November 5th announcement of the definitive agreement to acquire Mindspeed, yesterday Mindspeed announced a definitive agreement to divest its wireless business to Intel Corporation. We’ll be squarely focused during the next 100 days on integration, realizing synergies and leveraging Mindspeed’s high-growth, high-margin HPA portfolio to grow market share.”

Based on information provided by Computershare Trust Company, N.A., the depositary for the tender offer, as of the expiration of the tender offer, approximately 30,773,328 shares were validly tendered and not withdrawn in the tender offer, representing approximately 70.1 percent of Mindspeed’s outstanding shares. Accordingly, the condition to the tender offer that there be validly tendered and not withdrawn at least a majority of Mindspeed’s outstanding shares has been satisfied. As a result, MACOM has accepted for payment in accordance with the terms of the tender offer all shares of Mindspeed common stock that were validly tendered and not withdrawn prior to expiration of the tender offer, and payment for such shares will be made promptly.

As a result of the completion of the merger intended to be completed today, all remaining eligible shares of Mindspeed common stock (other than (i) shares then held by MACOM, Mindspeed or their respective subsidiaries, (ii) shares that are held by any stockholders of Mindspeed who have properly demanded appraisal rights in connection with the Merger under Delaware law and (iii) shares of unvested restricted stock of Mindspeed assumed by MACOM in connection with the Merger) will be converted into the right to receive $5.05 per share in cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. As a result of the merger, Mindspeed’s common stock will cease to be traded on the NASDAQ Global Market as of December 18, 2013 and will no longer be listed.

POST A COMMENT

Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

NEW PRODUCTS

VaporSorb filter line protects advanced yield production from Entegris
10/21/2014Entegris, Inc. today announced a new product for its VaporSorb line of airborne molecular contamination (AMC) filters. ...
Next-generation nanoimprint lithography technology
10/21/2014EV Group (EVG) today introduced its SmartNIL large-area nanoimprint lithography (NIL) process....
SEMI-GAS broadens gas mixing capabilities for highly corrosive gases
08/28/2014SEMI-GAS Systems, a provider of ultra-high purity gas delivery equipment, recently broadened the capabilities of its custom Xturion ...