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Microchip beefs storage lineup via SST

Posted: 09 Feb 2010 ?? ?Print Version ?Bookmark and Share

Keywords:Microchip SST acquisition? storage? merger?

Microchip Technology Inc. has signed a definitive agreement to acquire Silicon Storage Technology Inc. (SST) for $2.85 per share in cash. The $2.85 per share represents an approximate 35.7 percent premium to the amount that the holders of SST common stock would have received under the previously announced merger agreement between SST and Technology Resources Holdings Inc., and an approximate 53.2 percent premium to the closing price per share of SST's stock on Nov. 12, 2009, the last day of trading prior to the announcement of the execution of the definitive merger agreement with Technology Resources Holdings Inc. SST has terminated its previously announced merger agreement prior to entering into the definitive agreement with Microchip.

The acquisition has been approved by the Boards of Directors of each company and is expected to close in Q2 10, subject to approval by SST's stockholders and other customary closing conditions.

"SST's Superflash technology and extensive patent portfolio are critical building blocks for advanced microcontrollers," said Steve Sanghi, Microhip president and CEO. "This acquisition enables Microchip to gain earlier access to SST's advanced technologies, as well as the ability to customize technology variants that can give us an advantage over competing technologies."

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