Date:1st Dec 2011
Skyworks and AnalogicTech amend their
Skyworks Solutions, Inc.and Advanced Analogic Technologies,
Inc. have announced that the two companies have amended
their previously announced merger agreement. Under the terms
of the revised merger agreement, Skyworks will acquire all
of the outstanding shares of AnalogicTech for $5.80 per
share in cash through a tender offer that Skyworks intends
to commence within seven business days. The companies expect
the transaction to be completed in January 2012.
"Skyworks is pleased to have reached this agreement
with AnalogicTech and to be moving forward together,"
said David J. Aldrich, president and chief executive officer
of Skyworks. "We believe this transaction will enable
Skyworks to further capitalize on our strong smart phone,
tablet, set-top box and infrastructure positions with an
expanded and differentiated product portfolio while accelerating
our entry into new vertical markets. Analog power management
semiconductors represent a strategic growth market for Skyworks
as our customers increasingly demand both ubiquitous wireless
connectivity and power optimization across seemingly every
kind of electronic platform. With AnalogicTech, Skyworks
will be well positioned to address these twin market opportunities
by leveraging our broad customer relationships and innovative
product portfolios, and increasing operational scale."
"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, president, chief executive officer
and chief technical officer of Advanced Analogic Technologies.
"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."