Key Developments: PLX Technology Inc (PLXT.W)
4.42USD
23 May 2013
$-0.09 (-2.00%)
$4.51
$4.42
$4.42
$4.36
1,300
2,021
$6.41
$3.46
Latest Key Developments (Source: Significant Developments)
PLX Technology Inc Issues Q2 2013 Revenue Guidance Below Analysts' Estimates
PLX Technology Inc announced that for the second quarter of 2013, it expects net revenues to be between $25.5 million and $27.5 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $27.4 million for the second quarter of 2013. Full Article
PLX Technology Inc Issues Q1 2013 Revenue Guidance In Line With Analysts' Estimates
PLX Technology Inc announced that for first quarter of 2013, it expects net revenues to be between $25 million and $27 million and operating expenses are expected to be approximately $13.9 million. Included in operating expenses are share-based compensation and acquisition and restructuring related charges of approximately $0.9 million. For the fiscal 2013, it expects operating expenses net of share-based compensation and acquisition and restructuring related charges are expected to be about $52 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $25 million for first quarter of 2013. Full Article
PLX Technology Inc's Board Appoints David K. Raun As President And CEO
PLX Technology Inc announced that the PLX Board of Directors has named David K. Raun as its President and Chief Executive Officer (CEO). The appointment is effective immediately and includes a position on the Company's Board of Directors. Mr. Raun had previously been identified by the board in its succession planning, was serving as interim president and CEO. Full Article
Integrated Device Technology Inc and PLX Technology Inc Announce Termination of Proposed Transaction and IDT Withdraws Exchange Offer for PLX Technology Shares
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. Full Article
PLX Technology Inc Announces Executive Management Change
PLX Technology Inc announced that the PLX Board of Directors has appointed David K. Raun interim President and Chief Executive Officer (CEO), effective immediately, following the Board's acceptance of the resignation of Ralph H. Schmitt as President and CEO. Full Article
Entropic Communications Inc Acquires Direct Broadcast Satellite Intellectual Property From PLX Technology, Inc.
Entropic Communications Inc announced that it has acquired specific direct broadcast satellite intellectual property and corresponding technologies from PLX Technology, Inc. The purchased assets relate to the design and development of a digital channel stacking switch (dCSS) semiconductor product for up to $8 million. In addition to the asset purchase agreement, Entropic will pay a one-time $4 million licensing fee for intellectual property which is related to the acquired assets. The acquired assets are complementary to Entropic's current direct broadcast satellite (DBS) outdoor unit (ODU) product portfolio. Full Article
Integrated Device Technology Inc. Announces Extension Of Exchange Offer Expiration Date In PLX Technology Transaction
Integrated Device Technology Inc. announced that it is extending the expiration date of its exchange offer for all outstanding shares of common stock of PLX Technology, Inc. The exchange offer was previously scheduled to expire at the end of the day on June 20, 2012, New York City time. The exchange offer is being extended as the applicable waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has not yet expired or been terminated, and the exchange offer is now set to expire at the end of the day on July 12, 2012, at 12:00 midnight, New York City time, unless further extended. Approximately 5.8 million shares, or approximately 13.0% of PLX’s outstanding common stock, had been tendered as of 12:00 midnight at the end of the day on June 18, 2012. Full Article
Integrated Device Technology Inc. Commences Exchange Offer To Acquire PLX Technology, Inc.
Integrated Device Technology Inc. through a wholly owned subsidiary, is commencing an exchange offer to acquire all outstanding shares of common stock of PLX Technology, Inc. for $3.50 in cash and 0.525 shares of IDT common stock for each PLX common share outstanding, without interest and less any applicable withholding taxes. The exchange offer is being made pursuant to a Prospectus/Offer to Purchase, dated May 22, 2012, and in connection with an Agreement and Plan of Merger, dated April 30, 2012, which IDT and PLX previously announced on April 30, 2012. The exchange offer and any withdrawal rights to which PLX’s stockholders may be entitled will expire at 12:00 midnight EST on June 20, 2012, unless the exchange offer is extended in accordance with the Merger Agreement or applicable law. Full Article
Harwood Feffer LLP Announces Investigation Of PLX Technology, Inc.
Harwood Feffer LLP announced that it is investigating potential claims against the Board of Directors of PLX Technology, Inc. ("PLX" or the "Company") concerning the proposed acquisition of the Company by Integrated Device Technology, Inc. ("Integrated") in a transaction valued at approximately $330 million. On May 2, 2012, it was announced that PLX and Integrated have entered into a definitive agreement pursuant to which Integrated will acquire PLX. Under the agreement, PLX shareholders will receive $3.50 in cash and 0.525 shares of Integrated common stock for each share held, representing a combined value of approximately $6.75 per share based on the closing price of Integrated stock on May 1, 2012. Our investigation concerns whether the PLX board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. Full Article
The Law Firm Of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of PLX Technology, Inc.
Levi & Korsinsky is investigating the Board of Directors of PLX Technology, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Integrated Device Technology, Inc. Under the terms of the agreement, PLX shareholders will receive $3.50 in cash and 0.525 shares of IDT stock for each PLX common share they own. Based on April 27, 2012 closing prices, this represents a value of approximately $7.00 per PLX share and a total transaction value of approximately $330 million. The investigation concerns whether the PLX Board of Directors breached their fiduciary duties to PLX stockholders by failing to adequately shop the Company before entering into this transaction and whether IDT is underpaying for PLX shares, thus unlawfully harming PLX stockholders. Full Article
FTC seeks to block computer switch maker deal
WASHINGTON - The Federal Trade Commission on Tuesday said it would seek to block a proposed $330 million purchase of PLX Technology Inc by Integrated Device Technology Inc , saying the combined firm would have a near-monopoly on certain computer components.
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