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Renesas and IDT Announce Final Regulatory Approval for Renesas' Proposed Acquisition of IDT

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Acquisition Expected to Close on March 29, 2019 PDT/March 30, 2019
JST

Renesas Electronics Corporation (TSE: 6723, "Renesas"), a premier
supplier of advanced semiconductor solutions, and Integrated Device
Technology, Inc. (NASDAQ:IDTI, "IDT")), a leading supplier of analog
mixed-signal products, including sensors, connectivity and wireless
power, today announced that they received notification by the Committee
on Foreign Investment in the United States ("CFIUS") on March 22, 2019
PDT, March 23, 2019 JST, that the investigation of the companies'
proposed merger transaction is complete and that there are no unresolved
national security concerns with respect to the transaction.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190322005474/en/

The approval by CFIUS was the last outstanding regulatory authorization
required to complete the transaction. Antitrust clearance decisions have
previously been obtained for the transaction from antitrust authorities
in China, Germany, Hungary, South Korea and the United States. IDT
stockholders have previously voted to adopt the merger agreement and
approve the transaction at a special meeting of stockholders held on
January 15, 2019.

All necessary regulatory approvals for the acquisition have now been
received and the transaction is expected to complete on March 29, 2019
PDT, March 30, 2019 JST, subject to customary closing conditions.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE:
6723
) delivers trusted embedded design innovation with complete
semiconductor solutions that enable billions of connected, intelligent
devices to enhance the way people work and live. A global
leader in microcontrollers, analog, power, and SoC products, Renesas
provides comprehensive solutions for a broad range of automotive,
industrial, home electronics, office automation, and information
communication technology applications that help shape a limitless
future. Learn more at renesas.com.

About IDT

Integrated Device Technology, Inc. develops system-level solutions that
optimize its customers' applications. IDT's market-leading products in
RF, high performance timing, memory interface, real-time interconnect,
optical interconnect, wireless power and smart sensors are among the
company's broad array of complete mixed-signal solutions for the
communications, computing, consumer, automotive and industrial segments.
Headquartered in San Jose, Calif., IDT has design, manufacturing, sales
facilities and distribution partners throughout the world. IDT stock is
traded on the NASDAQ Global Select Stock Market® under the symbol
"IDTI." Additional information about IDT can be found at www.IDT.com.
Follow IDT on Facebook,
LinkedIn,
Twitter,
and YouTube.

Additional Information and Where to Find It

This communication is being made in respect of the proposed transaction
involving IDT and Renesas. In connection with the proposed transaction,
IDT filed with the Securities and Exchange Commission ("SEC") and mailed
or otherwise provided to its stockholders a proxy statement regarding
the proposed transaction. IDT may also file other documents with the SEC
regarding the proposed transaction. This communication is not a
substitute for the proxy statement or any other document that may be
filed by IDT with the SEC. BEFORE MAKING ANY VOTING DECISION, IDT'S
STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN
IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY IDT WITH THE SEC
IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE
THEREIN BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO
THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED
TRANSACTION
. Investors and stockholders may obtain a free copy of
the proxy statement and other documents IDT files with the SEC (when
available) through the website maintained by the SEC at www.sec.gov.
IDT makes available free of charge at www.idt.com
(in the "Investors" section), copies of materials it files with, or
furnishes to, the SEC.

Participants in the Solicitation

IDT and its directors, executive officers and certain employees and
other persons may be deemed to be participants in the solicitation of
proxies from IDT's stockholders in connection with the proposed
transaction. Security holders may obtain information regarding the
names, affiliations and interests of IDT's directors and executive
officers in IDT's Annual Report on Form 10-K for the fiscal year ended
April 1, 2018, which was filed with the SEC on May 18, 2018, and its
definitive proxy statement for the 2018 annual meeting of stockholders,
which was filed with the SEC on July 30, 2018. Additional information
regarding the interests of such individuals in the proposed transaction
will be included in the proxy statement relating to the proposed
transaction when it is filed with the SEC. These documents (when
available) may be obtained free of charge from the SEC's website at www.sec.gov
and IDT's website at www.idt.com

Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain information which may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). These statements
relate to future events that are based on current expectations,
estimates, forecasts and projections. These statements are subject to
risks and uncertainties that could cause actual performance or results
to differ materially from those expressed in or suggested by the
forward-looking statements. All statements other than statements of
historical fact or relating to present facts or current conditions
included in this communication are forward-looking statements. Such
forward-looking statements include, among others, IDT's current
expectations and projections relating to its financial condition,
results of operations, plans, objectives, future performance and
business. Forward-looking statements can usually be identified by the
use of terminology such as "anticipate," "believe," "could," "continue,"
"estimate," "expect," "goals," "intend," "likely," "may," "might,"
"plan," "project," "seek," "should," "target," "will," "would," and
variations of such words and similar expressions.

Those risks, uncertainties and assumptions include, (i) the risk that
the proposed transaction may not be completed in a timely manner or at
all, which may adversely affect IDT's business and the price of the
common stock of IDT, (ii) the failure to satisfy any of the conditions
to the consummation of the proposed transaction, including the adoption
of the merger agreement by the stockholders of IDT and the receipt of
certain governmental and regulatory approvals, (iii) the occurrence of
any event, change or other circumstance that could give rise to the
termination of the merger agreement, (iv) the effect of the announcement
or pendency of the proposed transaction on IDT's business relationships,
operating results and business generally, (v) risks that the proposed
transaction disrupts current plans and operations and the potential
difficulties in employee retention as a result of the proposed
transaction, (vi) risks related to diverting management's attention from
IDT's ongoing business operations (vii) the outcome of any legal
proceedings that may be instituted against us related to the merger
agreement or the proposed transaction; (viii) unexpected costs, charges
or expenses resulting from the proposed transaction; and (ix) other
risks described in IDT's filings with the SEC, such as its Quarterly
Reports on Form 10-Q and Annual Reports on Form 10-K.

Any forward-looking statement made in this communication speaks only as
of the date on which it is made. You should not put undue reliance on
any forward-looking statements. IDT undertakes no obligation, and
expressly disclaims any obligation, to update, alter or otherwise revise
any forward-looking statement, whether written or oral, that may be made
from time to time, whether as a result of new information, future
developments or otherwise, except as may be required by law. If we do
update one or more forward-looking statements, no inference should be
drawn that we will make additional updates with respect to those or
other forward-looking statements.

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