By Lisa Kerner
Charlotte, N.C., Dec. 14 - ON Semiconductor Corp. and California Micro Devices Corp. agreed to combine in a deal valued at approximately $108 million, according to an ON Semiconductor news release.
California Micro Devices shareholders will receive $4.70 per share in ON Semiconductor's tender offer, which is slated to begin on or before Dec. 29.
Both companies' boards of directors have approved the transaction, which is expected to close in the first quarter of 2010.
ON Semiconductor said it will fund the acquisition using existing cash resources.
"The acquisition of California Micro Devices will significantly strengthen our offering of application specific integrated passive (ASIP) devices to protect products in the wireless, computing and consumer electronics end-markets," ON Semiconductor president and chief executive officer Keith Jackson said in the release.
GCA Savvian Advisors, LLC advised ON Semiconductor and is the dealer manager for the tender offer. Needham & Co. LLC provided a fairness opinion to California Micro Devices.
California Micro Devices is a Milpitas, Calif.-based maker of application-specific protection devices and display electronics devices for the mobile handset, digital consumer electronics and personal computer markets.
ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.
| Acquirer: | ON Semiconductor Corp.
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| Target: | California Micro Devices Corp.
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| Announcement date: | Dec. 14
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| Transaction total: | $108 million
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| Price per share: | $4.70
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| Expected closing: | First quarter of 2010
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| Stock price for acquirer: | Nasdaq: ONNN: $8.11 on Dec. 11
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| Stock price for target: | Nasdaq: CAMD: $3.05 on Dec. 11
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