UPDATE: Bank of America Moves to No Rating on TriQuint Semiconductor Following Merger with RF Micro Devices

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In a report published Monday, Bank of America analyst Vivek Arya moved to No Rating on
TriQuint SemiconductorTQNT
. In the report, Bank of America noted, “TriQuint Semiconductor (TQNT) and RF Micro Devices (RFMD), both vendors of high performance radio frequency (RF) chips for mobile devices, infrastructure and defense products, entered into an all-stock merger agreement on 24th Feb 2014. On completion, current shareholders of RFMD and TQNT would each own 50% of the new company (NewCo), with a new corporate name expected to be announced at a later date. The agreement calls for current TQNT shareholders to receive 1.675 shares of NewCo and RFMD shareholders to receive 1 share each of NewCo. "The transaction represents an implied price of $9.73 for TQNT shares, a 5.4% premium to the closing price on the last trading day prior to announcement of the merger on 21st Feb 2014. The merger has been approved unanimously by the Board of Directors at both the companies and is expected to close in 2H-2014. The merger is subject to shareholder approval from both companies and regulatory approvals from various jurisdictions.” TriQuint Semiconductor closed on Friday at $12.24.
Posted In: Analyst ColorDowngradesAnalyst RatingsBank of AmericaVivek Arya
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