IDT Announces Extension of Exchange Offer Expiration Date in PLX Technology Transaction
Integrated Device Technology (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced that it is extending the expiration date of its exchange offer for all outstanding shares of common stock of PLX Technology, Inc. (NASDAQ: PLXT). The exchange offer was previously scheduled to expire at the end of the day on October 4, 2012, at 12:00 midnight, New York City time. The exchange offer is being extended as the applicable waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) has not yet expired or been terminated. While previous extensions of the expiration date of the exchange offer have been limited to 20 business days pursuant to the terms of the Agreement and Plan of Merger relating to the exchange offer, the parties have agreed to a one-time waiver of this limitation, which permits IDT to extend the offer period for 26 business days until the end of the day on November 9, 2012, at 12:00 midnight, New York City time. This additional time period will allow the parties to coordinate the timing of any subsequent extensions of the exchange offer with financial reporting requirements of IDT and PLX that the parties anticipate will be applicable to the registration statement relating to the exchange offer on or after November 9, 2012. Approximately 18.0 million shares, or approximately 40.0% of PLX's outstanding common stock, had been tendered as of 12:00 midnight at the end of the day on October 2, 2012.
Correspondingly, in order for the trustee of the PLX Employee Stock Ownership Plan (“ESOP”) to be instructed in a timely manner to tender or not tender all or a portion of the shares allocated to such participant's account under the ESOP, each participant in the ESOP must complete and return the ESOP instruction form previously provided to participants so that it is received by Computershare, the tabulation agent for the offer, not later than 5:00 p.m., New York City time, on November 6, 2012, unless the offer is further extended.
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