GigOptix Withdraws Offer To Acquire GSI Technology

On Friday, GigOptix Inc GIG withdrew the proposed offer to acquire GSI Technology, Inc. GSIT for $6.50 per share.

GigOptix CEO Dr. Avi Katz stated, "We were disappointed that, despite the fact that our offer was in an amount equal in value per share to the price paid by GSI Technology in its recently completed Dutch auction tender offer, was at a substantial premium to GSI Technology’s share price, offered, as we believe, a meaningful path to resolve the expensive litigations of GSI Technology, and represented, in our opinion, a compelling opportunity for its stockholders altogether – a number of whom tendered shares in the Dutch auction tender offer that were not repurchased - our offer was dismissed without giving us the opportunity to discuss its merits directly with their Board of Directors."

Following the announcement shares of both companies are quiet.