Summary
Microchip Technology Inc. (MCHP) announced the successful completion of its acquisition of Silicon Storage Technology, Inc. (SST) on April 8, 2010. This transaction was effectuated through a merger where SST became a wholly-owned subsidiary of Microchip. The acquisition was approved by both the boards of directors and shareholders of SST. SST shareholders who held shares prior to the merger's effective time (excluding certain treasury or dissenting shares) received $3.05 in cash per share. This marks a significant strategic move for Microchip, integrating SST's assets and operations into its own. Investors should note that the full details of the merger agreement are available in the incorporated exhibits to this filing.
Key Highlights
- 1Microchip Technology Inc. has completed the acquisition of Silicon Storage Technology, Inc. (SST) on April 8, 2010.
- 2The acquisition was structured as a merger, with SST becoming a wholly-owned subsidiary of Microchip.
- 3SST shareholders approved the merger agreement, indicating a smooth completion of the transaction.
- 4Each outstanding share of SST common stock was converted into $3.05 in cash, less applicable withholding taxes.
- 5The transaction was executed pursuant to an Agreement and Plan of Merger, as amended.
- 6The company has incorporated the merger agreement and its amendments as exhibits to this 8-K filing.