Summary
Microchip Technology Inc. has entered into a material definitive agreement to acquire Supertex, Inc. through a merger for $33.00 per share in cash. This strategic move, subject to customary closing conditions including shareholder approval and antitrust clearances, positions Microchip to integrate Supertex's complementary product portfolio into its existing offerings. The acquisition is expected to enhance Microchip's market position and provide synergistic growth opportunities. Supertex's Board of Directors has unanimously approved the merger, and its directors, in their capacity as stockholders, have entered into voting agreements to support the transaction. The deal includes standard provisions for business conduct during the interim period, non-solicitation of alternative acquisition proposals, and defined termination rights. Investors are encouraged to review the full Merger Agreement and related filings for comprehensive details.
Key Highlights
- 1Microchip Technology Inc. to acquire Supertex, Inc. for $33.00 per share in cash.
- 2The acquisition will be executed via a merger, making Supertex a wholly-owned subsidiary of Microchip.
- 3The transaction has received unanimous approval from the Boards of Directors of both Microchip and Supertex.
- 4Key closing conditions include Supertex shareholder approval and U.S. antitrust clearance.
- 5Supertex directors have agreed to vote their shares in favor of the merger through voting agreements.
- 6The Merger Agreement includes provisions for Supertex's business conduct, non-solicitation of other offers, and termination clauses.
- 7A joint press release announcing the acquisition was issued on February 10, 2014.