Integrated Device Technology, Inc. Commences Exchange Offer to Acquire PLX Technology for $3.50/Share in Cash Plus Stock
Integrated Device Technology, Inc. (NASDAQ: IDTI) is commencing today an exchange offer to acquire all outstanding shares of common stock of PLX Technology, Inc. (NASDAQ: PLXT) for (i) $3.50 in cash and (ii) 0.525 shares of IDT common stock for each PLX common share outstanding, without interest and less any applicable withholding taxes. The exchange offer is being made pursuant to a Prospectus/Offer to Purchase, dated May 22, 2012, and in connection with an Agreement and Plan of Merger, dated April 30, 2012 (the “Merger Agreement”), which IDT and PLX previously announced on April 30, 2012.
The exchange offer and any withdrawal rights to which PLX's stockholders may be entitled will expire at 12:00 midnight EST on June 20, 2012, unless the exchange offer is extended in accordance with the Merger Agreement or applicable law. Participants in the PLX Employee Stock Ownership Plan (the “ESOP”) must provide instructions to Union Bank N.A. (acting on behalf of U.S. Bank National Association) to tender, or not tender, the shares allocated to their accounts under the ESOP no later than 5 p.m. EST on June 15, 2012, unless the exchange offer is extended in accordance with the Merger Agreement or applicable law. Following the acceptance for payment of shares in the exchange offer and completion of the transactions contemplated in the Merger Agreement, PLX will become a wholly-owned subsidiary of IDT.
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