Ixys interested in buying Zilog for $4.50 per share

By Lisa Kerner

Charlotte, N.C., May 16 - Ixys Corp. offered to acquire all the outstanding shares of Zilog, Inc. for $4.50 per share in cash and stock.

In a May 16 letter to the Zilog board of directors, Ixys said it wants to enter into exclusive negotiations with the company and said its offer "represents a fair market value for the company consistent with prior proposals, recognizing the value of the company notwithstanding recent quarters of underperformance."

Ixys believes it is the best strategic partner for Zilog and has a strong market position in which to expand the company's sales.

Zilog, if acquired by the shareholder, would operate as a distinct business division in the Silicon Valley.

The proposal is subject to negotiation, certain due diligence and execution of a definitive merger agreement, Ixys said.

Ixys, a Milpitas, Calif., power semiconductor company, requested that Zilog respond by May 27.

Based in San Jose, Calif., Zilog is a supplier of eight-, 16- and 32-bit microcontroller and microprocessor system-on-a-chip products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.