SHANGHAI, China, May 2, 2014 (GLOBE NEWSWIRE) -- RDA Microelectronics, Inc. (Nasdaq:RDA) ("RDA Microelectronics" or the "Company"), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today responds to recent media reports regarding an extension of the NDRC preclearance obtained by Shanghai Pudong Science and Technology Investment Co., Ltd. ("PDSTI"), which was originally granted to PDSTI in connection with its prior attempted offer to acquire the Company last year.
The Company is issuing this announcement in view of potential misinformation regarding the reported PDSTI extension, and to also clarify certain aspects of status regarding the pending merger transaction (the "Transaction") with Tsinghua Unigroup Ltd. ("Tsinghua Unigroup").
With regard to PDSTI, the Company hereby clarifies that (i) since the Company selected Tsinghua Unigroup as the winning bidder after a competitive market process that resulted in the Company entering into the merger agreement with Tsinghua Unigroup (the "Merger Agreement") in November 2013, PDSTI has not approached the Company with any transactable alternative proposal or provided any credible proof to establish its funding capability given the lack of track record in completing any major overseas acquisition; and (ii) the Company has not been in contact with PDSTI for several months.As a result of the new 2013 Government-Approved Investment Projects Catalog promulgated by the State Council of the Central Government of China in December 2013, and in anticipation of the new implementation rules to be published by the National Development and Reform Commission ("NDRC") thereunder, the Company and Tsinghua Unigroup amended the Merger Agreement on December 20, 2013. The NDRC has recently published such implementation rules, which will take effect from May 8, 2014. The amended Merger Agreement provides for at least 3 months after the effectiveness of such implementation rules to close the transaction contemplated thereby.
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