Summary
This Form 8-K filing by Analog Devices, Inc. (ADI) on July 22, 2014, details the successful completion of its acquisition of Hittite Microwave Corporation. ADI announced that its tender offer for Hittite shares expired on July 21, 2014, with approximately 74.2% of outstanding shares validly tendered and accepted. Following the tender offer, ADI completed the merger with Hittite, making it a wholly owned subsidiary. The aggregate consideration paid for Hittite was approximately $2.4 billion, funded by a combination of ADI's existing cash and a new $2 billion, 90-day term loan facility with Credit Suisse AG. The acquisition of Hittite, a company specializing in high-performance analog and mixed-signal semiconductor products, is expected to enhance ADI's product portfolio and market position, particularly in radio frequency (RF) and millimeter-wave technologies. The delisting of Hittite shares from the NASDAQ Global Select Market on July 22, 2014, marks the final integration of the company into ADI.
Key Highlights
- 1Analog Devices, Inc. (ADI) has successfully completed the acquisition of Hittite Microwave Corporation.
- 2The tender offer for Hittite shares expired on July 21, 2014, with over 74% of shares tendered and accepted.
- 3Hittite Microwave Corporation has been merged and is now a wholly owned subsidiary of ADI.
- 4The total purchase price for Hittite amounted to approximately $2.4 billion.
- 5The acquisition was financed through a combination of ADI's cash reserves and a new $2 billion, 90-day term loan facility from Credit Suisse AG.
- 6Hittite's common stock was delisted from the NASDAQ Global Select Market as of the close of trading on July 22, 2014.
- 7The filing confirms the satisfaction of all conditions outlined in the Merger Agreement, including the minimum tender condition.