Microchip Technology Incorporated and Supertex, Inc. announced that Microchip has completed its previously announced acquisition of Supertex following approval of the transaction by Supertex shareholders at Supertex’s special meeting of shareholders held today.
Approximately 98.4% of the Supertex shares that voted were voted in favor of the merger in which Supertex shareholders will receive $33.00 per share in cash. Overall, approximately 87.7% of the total outstanding Supertex shares were voted. Therefore, approximately 86.43% of the total outstanding Supertex shares were voted in favor of the acquisition transaction.
“We are very pleased to have completed our acquisition of Supertex,” said Steve Sanghi, President and CEO of Microchip. “I welcome the Supertex employees into the Microchip family and look forward to building a combined organization that will bring the capabilities of both organizations to bear in the marketplace.”
As a result of the completion of the transaction, trading in Supertex common stock on the NASDAQ will cease effective after the close of market today.
Microchip will share more information regarding the Supertex transaction during its Q4 and FY2014 financial results conference call scheduled for Tuesday, May 6, 2014.
Microchip Technology Incorporated (NASDAQ:MCHP), a leading provider of microcontroller, mixed-signal, analog and Flash-IP solutions, and Supertex Incorporated (NASDAQ: SUPX) today announced that Microchip has signed a definitive agreement to acquire Supertex for $33 per share in cash, which represents a total equity value of about $394 million, and a total enterprise value of about $246 million, after excluding Supertex’s cash and investments on its balance sheet of approximately $148 million. The acquisition is expected to be accretive to Microchip’s non GAAP earnings per share in the first full quarter after completion of the acquisition.
The acquisition has been unanimously approved by the Boards of Directors of each company and is expected to close in the second quarter of calendar 2014, subject to approval by Supertex’s stockholders, regulatory approvals and other customary closing conditions.
“We are pleased to have Supertex become part of the Microchip team. Supertex’s deep domain knowledge in high voltage analog and mixed signal technologies, and strong position in the Medical, Industrial and Lighting markets, complement many of Microchip initiatives in these areas. We believe that combining Supertex’s business with Microchip’s Analog business will enable significant synergies and cross selling opportunities,” said Steve Sanghi, President and CEO of Microchip Technology.
“We are pleased to join Microchip Technology, a premier company in the semiconductor industry. Microchip has demonstrated consistent profitability, technology leadership and growth in its core businesses. We believe that this acquisition provides the best vehicle for us to realize significant value for Supertex’s shareholders, as well as the opportunity to scale up to the much stronger sales and manufacturing platforms of Microchip” said Henry Pao, President and CEO of Supertex.