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Applied Micro Circuits Corporation (AMCC) completed its acquisition of Cimaron Communications on March 18, 1999, issuing 3 million AMCC common shares in exchange for Cimaron’s outstanding stock and specified stock-related rights. The title’s “Cimarom” appears to be a misspelling: both contemporary reports identify the company as Cimaron Communications.
What did Applied Micro acquire?
Cimaron designed silicon solutions and ASIC cores for high-speed Synchronous Optical Network (SONET) systems. The completion announcement also described its area as framer and overhead termination devices. AMCC said the deal would expand the markets available for its high-speed communications products. That was the company’s stated rationale at the time; the cited contemporary accounts do not establish the acquisition’s later commercial results.
How was the acquisition paid for?
AMCC said it issued 3 million shares of its common stock in exchange for all outstanding Cimaron preferred and common stock, including shares issuable through employee stock options and other rights. The announcement does not describe a cash purchase price.
Why do reports cite both $115 million and $117 million?
The figures were contemporaneous estimates based on AMCC share prices at different points in the deal timeline, not two separate payments or a single fixed cash price.
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| Report and stage | Reported estimate | Basis |
|---|---|---|
| Los Angeles Times, March 4, 1999; agreement-stage report | About $115 million | Applied Micro’s $38.50 closing share price on the Tuesday cited in the report. Los Angeles Times |
| AMCC completion announcement, March 18, 1999 | Approximately $117 million | AMCC’s $39.06 closing share price on the prior Wednesday. Fiberoptics Online, reproducing the Business Wire announcement |
Because the consideration was stock, the estimated dollar value depended on the share-price date used. The announcement-stage and completion-stage figures should therefore be read as dated valuations of the share exchange.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When was the acquisition completed?
AMCC announced completion on March 18, 1999. A Los Angeles Times report dated March 4 had described the earlier agreement as a stock acquisition. The completion announcement supplies the final reported share terms and the company’s contemporaneous technology and strategy description.
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