Analog Devices to Acquire Hittite Microwave Corporation

Merger Monday stays true to its name. Early this morning Analog Devices, Inc.

announced the it will Acquire Hittite Microwave Corporation

for $78 per share in a cash deal. This represents a significant premium to Hittite's closing price on Friday of $60.56 per share. Traders rushed to take advantage of this premium when the stock was reopened for trade at 7:30 am after being halted fur news pending at 6:58 am. The deal, which is expected to close at the end of Analog's fiscal third quarter, represents an approximate $2 billion value for Hittite and is expected to be funded through cash on hand and short-term debt financing. “We welcome the very talented Hittite team, as we together leverage our strong product portfolios and customer relationships to create greater value for all our stakeholders," said Vincent Roche, Analog President and Chief Executive Officer. "Our combined capabilities will enable us to bring more complete solutions to our customers and address more of the industrial, communications infrastructure, and automotive markets.” Additionally, Analog reaffirmed its third quarter guidance of 1-5 percent revenue increases and diluted EPS of $0.60 -0.64. Analog and Hittite are scheduled to hold a conference call Friday at 8:00 am. The call can be accessed through Analog's Investor relations

.