This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

IDT And PLX Technology Announce Termination Of Proposed Transaction And IDT Withdraws Exchange Offer For PLX Technology Shares

Integrated Device Technology, Inc. ( IDT®) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, and PLX Technology, Inc. (“PLX Technology”) (NASDAQ: PLXT), a developer of I/O interconnect silicon and complimentary software, today announced that they have mutually agreed to terminate their merger agreement pursuant to which IDT would acquire PLX Technology. Concurrently, IDT also announced that it is withdrawing its related exchange offer to acquire all of the issued and outstanding shares of common stock, $0.001 par value, of PLX Technology and instructed Computershare, the exchange agent for the exchange offer, to promptly return all previously tendered shares. As of the close of business on December 19, 2012, 21,876,215 shares were previously tendered in the exchange offer.

The decision to terminate the merger agreement and withdraw the exchange offer was made in response to a determination by the United States Federal Trade Commission (“FTC”) to file an administrative complaint challenging IDT’s proposed acquisition of PLX Technology and the absence of a clear path for the parties to complete the proposed transaction. Subsequent to the FTC determination and following the parties review of the FTC’s decision and a discussion of appropriate next steps, IDT informed PLX Technology that, with the facts and circumstances known to IDT regarding the FTC decision at this time, consistent with its rights under the terms of the merger agreement, IDT would not extend the outside date for the exchange offer past January 31, 2013 and would not agree to any settlement or remedies with the FTC which included IDT disposing of any portion of its business, assets or properties.

“We are disappointed by the FTC’s decision to seek to enjoin the transaction,” said Ted Tewksbury, president and chief executive officer of IDT. “Although we continue to believe in the benefits of the transaction, our management and board of directors have determined that it was in the best long-term interests of IDT and its stockholders not to pursue what would likely be a protracted, costly and unpredictable litigation process. PLX impressed the IDT team throughout the process with their professionalism and capabilities. During this period of time PLX effectively executed on plans to significantly reduce operating expenses consistent with IDT’s synergies savings plan which has improved its financial condition.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs