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Integrated Device Technology Inc and PLX Technology Inc Announce Termination of Proposed Transaction and IDT Withdraws Exchange Offer for PLX Technology Shares


Wednesday, 19 Dec 2012 07:19pm EST 

Integrated Device Technology Inc and PLX Technology Inc announced that they have mutually agreed to terminate their merger agreement pursuant to which IDT would acquire PLX Technology. Concurrently, IDT also announced that it is withdrawing its related exchange offer to acquire all of the issued and outstanding shares of common stock, $0.001 par value, of PLX Technology and instructed Computershare, the exchange agent for the exchange offer, to promptly return all previously tendered shares. The decision to terminate the merger agreement and withdraw the exchange offer was made in response to a determination by the United States Federal Trade Commission (FTC) to file an administrative complaint challenging IDT's proposed acquisition of PLX Technology and the absence of a clear path for the parties to complete the proposed transaction. Subsequent to the FTC determination and following the parties review of the FTC's decision and a discussion of appropriate next steps, IDT informed PLX Technology that, with the facts and circumstances known to IDT regarding the FTC decision at this time, consistent with its rights under the terms of the merger agreement, IDT would not extend the outside date for the exchange offer past January 31, 2013 and would not agree to any settlement or remedies with the FTC which included IDT disposing of any portion of its business, assets or properties. 

Company Quote

13.53
0.19 +1.42%
28 Jul 2014