SHANGHAI, China, May 5, 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 provides certain updates regarding the pending merger transaction (the "Transaction") with Tsinghua Unigroup Ltd. ("Tsinghua Unigroup").
The Board of Directors of the Company (the "Board") has been closely monitoring the closing process of the Transaction and carefully evaluating developments with the assistance of US and PRC legal counsel and other advisors. Further to the announcements made by the Company on May 2, 2014, which clarified certain aspects of status regarding the Transaction, the Company hereby provides the following additional updates:
- The Company has been and will continue working closely and actively with Tsinghua Unigroup to close the Transaction under the terms of the merger agreement entered in November 2013 by and between the Company and Tsinghua Unigroup (as amended, the "Merger Agreement").
- Tsinghua Unigroup has reiterated to the Company its commitment to completing the Transaction and is taking concrete actions to close the Transaction within the framework of the Merger Agreement.
- The Company reconfirms that it stands by its commitments and obligations under the Merger Agreement, and its intention to close the Transaction has not changed. The Company will continue to work with Tsinghua Unigroup to close the Transaction as soon as practicable, which the Board believes is in the best interests of the Company's shareholders as a whole.
- The Merger Agreement provides, among other items, a long-stop date spanning until at least August 8, 2014 for the parties to complete the Transaction. Tsinghua Unigroup and the Company currently expect the Transaction will be closed in the second half of this year.
Also, in view of the pending Transaction and the sensitive current interim period, the Company will not announce its financial results for the quarter ended March 31, 2014 by press release or hold a conference call to discuss such quarterly results.