Integrated Device Technology to Acquire PLX Technology for $7.00 per Share in Cash and Stock
Integrated Device Technology, Inc.; (NASDAQ: IDTI) and PLX Technology, Inc. (NASDAQ: PLXT) today announced that they have signed a definitive agreement pursuant to which IDT will acquire PLX. Under the terms of the agreement, unanimously approved by the boards of directors of both companies, IDT will acquire all of the outstanding shares of PLX common stock pursuant to an exchange offer, followed by a second step merger.
In the acquisition, PLX stockholders will receive (i) $3.50 in cash and (ii) 0.525 shares of IDT common stock for each PLX common share outstanding. Based on IDT's closing stock price on April 27, 2012, the transaction is valued at approximately $7.00 per PLX share and results in a total transaction value of approximately $330 million.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.