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8 years ago
UPDATE 1-Gennum to buy Tundra Semiconductor for C$86 mln
March 19, 2009 / 9:53 PM / 8 years ago

UPDATE 1-Gennum to buy Tundra Semiconductor for C$86 mln

2 Min Read

*Gennum to buy Tundra in C$86 mln cash and stock deal

*Bid values Tundra at C$4.43 a share

*Gennum sees synergies of about $10 mln

TORONTO, March 19 (Reuters) - Gennum Corp GND.TO is buying intellectual property firm Tundra Semiconductor TUN.TO in a cash and stock deal worth C$86 million ($69.4 million), the companies announced late on Thursday.

The deal values Tundra at C$4.43 a share. Tundra's shares closed at C$3.07 on the Toronto Stock Exchange on Thursday.

Gennum, also an intellectual property and semiconductor firm, said it expects cash synergies of about $10 million from the deal.

"Gennum anticipates that, when completed, the transaction will augment Gennum's global sales and channel network, and will enable Gennum to leverage Tundra's customer relationships in high-growth regions such as Asia and China," it said in a statement.

It added it expects the deal will be add to earnings this fiscal year, excluding one-time costs.

Gennum shares closed 25 Canadian cents lower at C$3.52.

The deal announced after the market close.

$1=$1.24 Canadian Reporting by Wojtek Dabrowski; editing by Peter Galloway

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