Acquisition of Hittite Microwave Expected to Be Completed Later Today
NORWOOD, Mass.--(BUSINESS WIRE)--
Analog Devices, Inc. (NASDAQ:ADI), a global leader in high-performance
semiconductors for signal processing applications, today announced it
has completed its tender offer to purchase all outstanding shares of
common stock of Hittite Microwave Corporation (NASDAQ:HITT) for $78.00
per share in cash, and ADI has accepted for payment and will promptly
pay the depositary for all validly tendered shares. ADI expects to
complete the acquisition of Hittite Microwave later today and will issue
a press release to notify stakeholders.
The tender offer expired at 12:00 midnight, New York City time, at the
end of July 21, 2014. As of the expiration of the tender offer,
23,291,991 shares of Hittite Microwave common stock had been validly
tendered and not validly withdrawn, representing approximately 74.2% of
Hittite Microwave's outstanding shares of common stock.
ADI expects to complete the acquisition of Hittite Microwave through a
merger under Section 251(h) of the General Corporation Law of the State
of Delaware (the "DGCL"). Pursuant to the merger, each remaining
eligible share of Hittite Microwave common stock will be converted into
the right to receive an amount in cash equal to the same $78.00 per
share in cash that will be paid in the tender offer. Eligible shares
exclude shares held by ADI or Hittite Microwave or their respective
wholly owned subsidiaries and those held by any stockholder of Hittite
Microwave who properly demanded appraisal under Section 262 of the DGCL.
This press release contains forward-looking statements regarding
ADI's planned completion of the acquisition of Hittite Microwave.Statements
that are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements. Such statements are
based on our current expectations and are subject to a number of factors
and uncertainties, which could cause actual results to differ materially
from those described in the forward-looking statements. For information
about factors that could cause actual results to differ materially from
those described in the forward-looking statements, please refer to ADI's
filings with the SEC, including the risk factors contained in ADI's most
recent Quarterly Report on Form 10-Q. Forward-looking statements
represent management's current expectations and are inherently
uncertain. Except as required by law, we do not undertake any obligation
to update forward-looking statements made by us to reflect subsequent
events or circumstances.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars on
which ADI has built one of the longest standing, highest growth
companies within the technology sector. Acknowledged industry-wide as a
leader in data conversion and signal conditioning technology, ADI serves
over 60,000 customers, representing virtually all types of electronic
equipment. ADI is headquartered in Norwood, Massachusetts, with design
and manufacturing facilities throughout the world. ADI's common stock is
included in the S&P 500 Index.
Source: Analog Devices, Inc.