Integrated Device says PLX got no better offers

Integrated Device says PLX got no superior offers in 30-day period to seek better buyout bid

Associated Press

SAN JOSE, Calif. (AP) -- The chipmaker Integrated Device Technology Inc. said Monday that PLX Technology Inc. has received no better alternatives to their buyout deal.

Integrated Device announced in April that it had agreed to purchase PLX Technology in a cash-and-stock deal valued at about $330 million at the time. But PLX, based in Sunnyvale, Calif., had a 30-day period to look for a better offer.

Integrated Device said in April that the acquisition would help to expand its core serial switching and interface business.

Integrated Device said Monday that PLX told it on Thursday that it did not receive any superior offers during the so-called go-shop period.

The transaction would give $3.50 in cash and 0.525 shares of Integrated Device common stock for each PLX Technology share. Using Integrated Device's closing price on April 27, the acquisition was worth about $7 per PLX share.

Both companies' boards have unanimously approved the buyout.

The companies said in April that they expected the deal to close as early as Integrated Device's fiscal first quarter 2013.

Shares of San Jose, Calif.-based Integrated Device fell 22 cents, or 4.2 percent, to $5.08 in afternoon trading. The stock has traded between $4.70 and $8.10 over the past year.

An earlier version of this story incorrectly identified the buyer as IDT Corp., which is based in Newark, N.J.

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