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Skyworks to get AnalogicTech at lower price

Posted: 02 Dec 2011 ?? ?Print Version ?Bookmark and Share

Keywords:consumer IC? wireless communications? mixed-signal IC?

Skyworks Solutions Inc. and Advanced Analogic Technologies Inc. have amended their terms of agreement, with Skyworks buying AnalogicTech for about $250 million in cash.

Through a tender offer, Skyworks will pay $5.80 per share for AnalogicTech, a vendor of semiconductors for consumer devices, under the terms of the revised merger agreement, the companies said.

In May, Skyworks agreed to pay $6.13 per share, or about $264 million, to acquire AnalogicTech. But the deal hit a snag because of unforeseen revenue declines at AnalogiTech, prompting Skyworks to try to nix the transaction.

Skyworks said it intends to commence the tender offer within seven days. The companies expect the deal to be completed in January.

Skyworks said it would finance the tender offer with cash on hand.

"We believe the revised agreement with Skyworks provides AnalogicTech stockholders with immediate value and certainty for their investment in the company, while providing important benefits to AnalogicTech's employees and customers," said Richard K. Williams, AnalogicTech's president, CEO and chief technical officer, in a statement. "We share Skyworks' vision of the enormity and growth potential of the analog semiconductor market and continue to believe that together, we can better address customers' demand for highly integrated power management solutions across a broader range of markets and applications. We look forward to closing this transaction quickly and are committed to ensuring a smooth transition."

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