News Feed Item
Microchip Technology Completes ISSC Technologies Tender Offer
|By Business Wire
|July 14, 2014 04:30 PM EDT
Microchip Technology Incorporated (NASDAQ:MCHP), a leading provider of
microcontroller, mixed-signal, analog and Flash-IP solutions, today
announced the successful completion of its tender offer to acquire the
outstanding shares of Taiwan-based ISSC Technologies Corporation (ISSC).
As of the expiration date of the tender offer on July 14, 2014, a total
of 57,228,225 shares were tendered, representing approximately 83.46% of
the outstanding shares of ISSC, exceeding the minimum tender condition
of 27,300,429 shares. The shares were tendered at the offer price of New
Taiwan dollar (NT$) 143 per share (approximately US$4.74 per share).
“As expected, Microchip successfully completed the tender offer for
majority control of ISSC,” said Ganesh Moorthy, COO of Microchip
Technology. “We look forward to combining ISSC’s strengths in wireless
products and technology with Microchip’s brand, channel and operational
scale to drive growth and profitability.”
“This transaction represents the first major overseas acquisition by
Microchip and was funded with a portion of Microchip’s foreign cash. We
are pleased to effectively use our foreign cash to drive returns for our
stockholders,” said Steve Sanghi, Microchip’s President and CEO.
The purchase of the shares in the tender offer will be settled on or
before July 18, 2014. As a result of obtaining a majority controlling
interest in ISSC through the tender offer, Microchip will begin
consolidating ISSC’s financial statements with Microchip’s based on its
percentage ownership of ISSC. In addition to the shares which have
already been tendered, certain stockholders of ISSC are parties to a
tender agreement pursuant to which such stockholders have the right to
tender certain shares owned by them upon the expiration of a statutory
lock-up period. As a result, after November 27, 2014, Microchip
anticipates acquiring ISSC shares representing an additional 10.47% of
the outstanding ISSC shares. Pursuant to the terms and conditions of the
merger agreement with ISSC, Microchip will acquire the remaining
outstanding shares of ISSC through a follow-on merger which is expected
to be completed by late December 2014. Upon the closing of the merger,
ISSC stock will be delisted from and cease to be a publicly reported
company on the GreTai Securities market in Taiwan.
Forward Looking Statements:
The statements in this release relating to looking forward to combining
ISSC’s strengths in wireless products and technology with Microchip’s
brand, channel and operational scale to drive growth and profitability,
drive returns for our stockholders, that the purchase of the shares in
the tender offer will be settled on or before July 18, 2014, expected
additional ISSC shares to be acquired on November 27, 2014 and that
Microchip will acquire the remaining outstanding shares of ISSC through
a follow-on merger which is expected to be completed by late December
2014 are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to a number of business,
economic, legal and other risks that are inherently uncertain and
difficult to predict, including, but not limited to: the timing and
ability to complete the actions required to close the follow-on merger,
changes in demand or market acceptance of the products of Microchip or
ISSC and the products of their respective customers, changes in demand
or market acceptance of Microchip’s products and the products of its
customers; competitive developments; the costs and outcome of any
current or future litigation involving Microchip, ISSC or the
acquisition transaction; the effect of the acquisition on Microchip’s
and ISSC’s existing relationships with customers and vendors and their
operating results and businesses; the progress and costs of development
of Microchip and ISSC products and the timing and market acceptance of
those new products; Microchip’s ability to successfully integrate ISSC’s
operations and employees and retain key employees; and general economic,
industry or political conditions in the United States or
internationally. For a detailed discussion of these and other risk
factors, please refer to the SEC filings of Microchip including those on
Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and
other relevant documents for free at Microchip’s website (www.microchip.com)
(as applicable), or the SEC's website (www.sec.gov),
or from commercial document retrieval services.
Stockholders of Microchip are cautioned not to place undue reliance on
the forward-looking statements in this press release, which speak only
as of the date such statements are made. Microchip does not undertake
any obligation to publicly update any forward-looking statements to
reflect events, circumstances or new information after this July 14,
2014 press release, or to reflect the occurrence of unanticipated events.
About Microchip Technology
Microchip Technology Inc. (NASDAQ: MCHP) is a leading provider of
microcontroller, mixed-signal, analog and Flash-IP solutions, providing
low-risk product development, lower total system cost and faster time to
market for thousands of diverse customer applications worldwide.
Headquartered in Chandler, Arizona, Microchip offers outstanding
technical support along with dependable delivery and quality. For more
information, visit the Microchip website at www.microchip.com.
ISSC Technologies Corporation (TW OTC:5261) is a leading developer of
advanced wireless solutions. Its award-winning KleanWireTM
technology enables world-class personal Bluetooth products to enrich
your life wirelessly. ISSC is a market leader in Bluetooth (System On
Chip) SOC solutions for wireless Headset, Speaker, Connectivity, and HID
products. Founded in 1999 and publicly traded on the Taiwan GreTai
Securities Market under the code "5261" in 2013, ISSC is headquartered
in Hsinchu, Taiwan (Hsinchu Science Park) and has customer service or
research activities in Shenzhen, China and Torrance, California. For
more information, go to www.issc-tech.com.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications.
In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability.
Aug. 24, 2016 02:45 AM EDT Reads: 1,770
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Aug. 24, 2016 02:00 AM EDT Reads: 1,377
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences.
In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Aug. 24, 2016 01:45 AM EDT Reads: 1,837
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved.
In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 24, 2016 01:45 AM EDT Reads: 1,246
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years?
This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 24, 2016 01:00 AM EDT Reads: 1,570
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 24, 2016 12:45 AM EDT Reads: 2,039
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market.
In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 24, 2016 12:30 AM EDT Reads: 1,836
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things.
And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 24, 2016 12:00 AM EDT Reads: 2,784
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Aug. 23, 2016 11:30 PM EDT Reads: 2,205
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
All major researchers estimate there will be tens of billions devices - comp...
Aug. 23, 2016 11:00 PM EDT Reads: 3,480
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage.
Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Aug. 23, 2016 09:15 PM EDT Reads: 1,641
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Aug. 23, 2016 09:00 PM EDT Reads: 2,969
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Aug. 23, 2016 08:45 PM EDT Reads: 3,745
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 23, 2016 08:15 PM EDT Reads: 1,395
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 23, 2016 08:15 PM EDT Reads: 1,625