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Microsemi acquires Actel

Posted: 05 Nov 2010 ?? ?Print Version ?Bookmark and Share

Keywords:Actel Corp.? programmable logic? acquisition?

Microsemi Corp. reported the successful completion of its tender offer for programmable logic supplier Actel Corp.

The manufacturer of analog-mixed signal ICs, semiconductors and RF subsystems said it wrapped up the acquisition by getting 23.1 million shares, or about 87.9 percent of Actel's outstanding shares.

The Actel acquisition is being done through Artful Acquisition Corp., a wholly owned subsidiary of Microsemi. The subsidiary will exercise a "top-up" option own sufficient Actel common stock to effect a "short-form" merger under California law, Microsemi said.

Actel wil become a wholly owned subsidiary of Microsemi without the need for a meeting of Actel shareholders, Microsemi said.

The cash tender offer, first announced early last month, was worth $430 million.

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