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'[PIC] Microchip buys SST'
|A visiting FAE mentioned this today:
MICROCHIP TECHNOLOGY ANNOUNCES ACQUISITION
OF SILICON STORAGE TECHNOLOGY, INC.
CHANDLER, Arizona - February 3, 2010 - (NASDAQ: MCHP) - Microchip Technology
Incorporated, a leading provider of microcontrollers and analog
semiconductors, announced today that that it has signed a definitive
agreement to acquire Silicon Storage Technology, Inc. (Nasdaq: SSTI) for
$2.85 per share in cash. The $2.85 per share represents an approximate 35.7%
premium to the amount that the holders of SST common stock would have
received under the previously announced merger agreement between SST and
Technology Resources Holdings, Inc., and an approximate 53.2% premium to the
closing price per share of SST's stock on November 12, 2009, the last day of
trading prior to the announcement of the execution of the definitive merger
agreement with Technology Resources Holdings, Inc. As separately announced
today by SST, SST has terminated its previously announced merger agreement
prior to entering into the definitive agreement with Microchip. .
The acquisition has been approved by the Boards of Directors of each company
and is expected to close in the second quarter of calendar 2010, subject to
approval by SST's stockholders and other customary closing conditions.
"SST's Superflash® technology and extensive patent portfolio are critical
building blocks for advanced microcontrollers," said Steve Sanghi, President
and CEO. "This acquisition enables Microchip to gain earlier access to SST's
advanced technologies, as well as the ability to customize technology
variants that can give us an advantage over competing technologies."
"We believe this is an attractive transaction for SST's stockholders, as it
presents a significant premium to the prior transaction and requires no
external financing," continued Mr. Sanghi. "We look forward to completing
this transaction early in the second calendar quarter of 2010."
Xiaofan Chen wrote:
> On Fri, Feb 5, 2010 at 10:01 AM, Vitaliy <maksimov.org> wrote: piclist
>> A visiting FAE mentioned this today:
> This is kind of interesting. Not as interesting as the Atmel buy though
> which unfortunately failed through.
> They also bought the ZeroG recently, which is for sure a smart buy.
> Microchip is now getting bigger and bigger. Hopefully they will still
> be as supportive and focus on improving the MCU offerings.
Sanghi once said that Microchip buys "other people's mistakes", referring to
chip foundries. The rumor is that ZeroG's VC funding dried up and they were
bought for pennies on the dollar.
Ah, interesting about zerog... they've got what looks like the ideal
product for a whole class of devices, it makes a lot of sense the mchp
bought them for that reason alone. Pennies on the dollar sure helps
too. Maybe some next-generation mchp microcontroller design will have
zerog's IP onboard? that would be a first in the industry and really
The $30 in small qty price for zerog is pretty reasonable, all things
told. Hard to see designs manufactured in the 10K+ qty range using
zerog, even if they are $25 to $20 in that qty, but actually getting
anything like specs and pricing for 10K+ of a wifi module looks like a
big headache, so who knows. You'd have to be saving a couple bucks per
module to make it really worth pursuing.
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