Microchip Technology Announces Acquisition Of Supertex, Inc
The following excerpt is from the company's SEC filing
Chandler, Arizona and Sunnyvale, California February 10, 2014 Microchip Technology Incorporated (NASDAQ:MCHP), a leading provider of
microcontroller, mixed-signal, analog and Flash-IP solutions, and Supertex Incorporated (NASDAQ: SUPX) today announced that Microchip has signed a definitive agreement to acquire Supertex for $33 per share in cash, which represents a total equity
value of about $394 million, and a total enterprise value of about $246 million, after excluding Supertexs cash and investments on its balance sheet of approximately $148 million. The acquisition is expected to be accretive to Microchip
non GAAP earnings per share in the first full quarter after completion of the acquisition.
The acquisition has been unanimously approved by the Boards of
Directors of each company and is expected to close in the second quarter of calendar 2014, subject to approval by Supertexs stockholders, regulatory approvals and other customary closing conditions.
We are pleased to have Supertex become part of the Microchip team. Supertexs deep domain knowledge in high voltage analog and mixed signal
technologies, and strong position in the Medical, Industrial and Lighting markets, complement many of Microchip initiatives in these areas. We believe that combining Supertexs business with Microchips Analog business will enable
significant synergies and cross selling opportunities, said Steve Sanghi, President and CEO of Microchip Technology.
We are pleased to join
Microchip Technology, a premier company in the semiconductor industry. Microchip has demonstrated consistent profitability, technology leadership and growth in its core businesses. We believe that this acquisition provides the best vehicle for us to
realize significant value for Supertexs shareholders, as well as the opportunity to scale up to the much stronger sales and manufacturing platforms of Microchip said Henry Pao, President and CEO of Supertex.
Microchip will host a conference call today, February 10, 2014 at 8:30 a.m. (Eastern Time) to discuss this release. This call will be simulcast over the
Internet at www.microchip.com. The webcast will be available for replay until February 17, 2014.
A telephonic replay of the conference call
will be available at approximately 12:00 p.m. (Eastern Time) on February 10, 2014 and will remain available until 5:00 p.m. (Eastern Time) on February 17, 2014. Interested parties may listen to the replay by dialing 719-457-0820 and
entering access code 5688287.
those new products; Microchips ability to successfully integrate Supertexs operations and employees, retain key employees and otherwise realize the expected synergies and benefits of
the transaction; and general economic, industry or political conditions in the United States or internationally. For a detailed discussion of these and other risk factors, please refer to the SEC filings of Microchip and Supertex including those on
Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchips website (www.microchip.com), at Supertex website
(www.supertex.com) (as applicable) or the SECs website (www.sec.gov) or from commercial document retrieval services.
Microchip and Supertex are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date such statements are made. Neither Microchip nor Supertex undertakes any obligation to publicly
update any forward-looking statements to reflect events, circumstances or new information after this February 10, 2014 press release, or to reflect the occurrence of unanticipated events.
Supertex intends to file a proxy statement in connection with the acquisition transaction. Investors and securityholders are urged to read the proxy statement
when it becomes available because it will contain important information about the transaction. Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the
SECs web site at www.sec.gov. Microchip, Supertex and their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Supertex in connection with the acquisition
transaction. Information regarding the special interests of these directors and executive officers in the transaction will be included in the proxy statement described above. Additional information regarding the directors and executive officers of
Microchip is also included in Microchips proxy statement for its 2013 Annual Meeting of Stockholders, which was filed with the SEC on July 11, 2013. Additional information regarding the directors and executive officers of Supertex is also
included in Supertexs proxy statement for its 2013 Annual Meeting of Stockholders, which was filed with the SEC on July 2, 2013. These documents are available free of charge at the SECs web site at www.sec.gov and as described
Microchip Technology Inc. (NASDAQ: MCHP) is a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, providing low-risk product
development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality.
For more information, visit the Microchip website at http://www.microchip.com.
Supertex, Inc. is a publicly held mixed signal semiconductor manufacturer, focused on high voltage analog and mixed signal products for use in the medical, LED
lighting, display, industrial and telecommunication industries. Supertex product, corporate and financial information is readily available at www.supertex.com.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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