Qualcomm Extends Tender Offer Period to Acquire Ikanos Communications
Qualcomm Incorporated (NASDAQ: QCOM) today announced that its subsidiary Qualcomm Atheros, Inc. ("Parent") and its indirect wholly-owned subsidiary King Acquisition Co. ("Purchaser") are extending the expiration date for the previously announced tender offer for all of the issued and outstanding shares of common stock of Ikanos Communications, Inc. (NASDAQ: IKAN) for $2.75 per share, net in cash, without interest (less any applicable withholding taxes) until 5:00 p.m. (Eastern Time), on September 28, 2015.
On August 19, 2015, Purchaser commenced the tender offer for the Ikanos shares of common stock in accordance with the Agreement and Plan of Merger, dated as of August 5, 2015, by and among Parent, Ikanos and Purchaser. The tender offer is being extended to allow for adequate dissemination of information to stockholders and investor response time in connection with the Ikanos Schedule 14D-9/A filed on September 15, 2015 which included material information concerning the tender offer.
As of 12:00 midnight, Eastern Time, on September 14, 2015, Purchaser had received a preliminary number of tenders representing approximately 10,426,861 of the outstanding Ikanos shares of common stock, which represented approximately 60.18% of the outstanding Ikanos shares of Ikanos common stock on September 14, 2015.