By Lisa Kerner
Charlotte, N.C., Jan. 19 - LSI Logic Corp.'s proposed merger with Agere Systems Inc. moved one step closer as the Hart-Scott-Rodino Antitrust Improvements Act waiting period expired, according to a company news release.
The two companies announced a definitive merger agreement on Dec. 4 to combine LSI Logic and Agere Systems in an all-stock transaction valued at $4 billion.
Agere shareholders will receive 2.16 shares of LSI for each share of Agere, or about $22.81 per share based on Dec. 1 closing stock prices.
The newly combined company will operate under the LSI Logic Corp. name and be led by LSI president and chief executive officer Abhi Talwalkar.
LSI Logic, a Milpitas, Calif., silicon-to-systems solution provider for digital information, will provide an update on its integration progress during its Jan. 24 earnings conference call.
Allentown, Pa.-based Agere Systems provides semiconductors and software solutions for storage, mobility and networking markets.
| Acquirer: | LSI Logic Corp.
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| Target: | Agere Systems Inc.
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| Payment per share: | 2.16 shares of LSI or about $22.81
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| Announcement date: | Dec. 4
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| Expected closing: | Second quarter of 2007
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| Stock price for target: | NYSE: AGR; $21.67 on Jan. 18
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| Stock price for acquirer: | NYSE: LSI; $10.13 on Jan. 18
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