Spansion acquires Saifun in stock and cash deal

By Lisa Kerner

Charlotte, N.C., March 18 - Spansion Inc. has gained immediate entry into the technology licensing business with the completed acquisition of Saifun Semiconductors Ltd., the company announced on Tuesday.

Saifun shareholders received 0.7238 of a share of Spansion class A common stock and approximately $6.20 in cash for each Saifun ordinary share.

Saifun's existing cash on hand will be used to fund the cash distribution, according to a Spansion news release.

Following the merger's close, former Saifun shareholders held some 14.4% of Spansion's outstanding class A common stock and Saifun's chief executive officer, Dr. Boaz Eitan, was appointed to Spansion's board of directors.

Spansion has licensed Saifun's NROM intellectual property, part of Spansion's proprietary MirrorBit technology, since 2002.

Citigroup Global Markets Inc. advised Spansion, while Saifun was advised by Lehman Brothers.

Spansion is based in Sunnyvale, Calif., and makes flash memory products.

Saifun is a Netanya, Israel-based provider of intellectual property solutions for the non-volatile memory market.

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