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Re:

Tundra Semiconductor Shareholders Approved IDT Acquisition in 2009

Tundra shareholders approved IDT’s takeover in June 2009; IDT completed the acquisition for approximately CDN$120.8 million.
From TheFinanceBase Team2 min to read
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Yes. Tundra Semiconductor shareholders approved IDT’s acquisition at a special meeting on June 15, 2009. IDT completed the purchase on June 29, paying approximately CDN$120.8 million in aggregate cash consideration.

How did Tundra shareholders vote?

At the June 15, 2009 special meeting, approximately 99.9% of votes cast supported the transaction. About 77.6% of Tundra’s outstanding shares were represented in person or by proxy, according to EE Times’ report of the vote. Those figures describe votes cast and shares represented, respectively; they do not provide a shareholder-by-shareholder breakdown.

What did IDT pay?

IDT’s June 29 closing announcement put the aggregate cash consideration at approximately CDN$120.8 million. IDT later reported a price of CDN$6.25 per share in its Form 10-Q, which also records approximately US$105.0 million as the total consideration for accounting purposes, including assumed options. The Canadian-dollar purchase price and the U.S.-dollar accounting figure are different reporting bases, not competing prices.

When did the acquisition close?

The shareholder vote was not the closing. The arrangement was also subject to Ontario Superior Court approval and other conditions. IDT announced that it completed the acquisition on June 29, 2009, acquiring all Tundra shares. The agreement provided for the purchase through a court-approved arrangement involving Integrated Device Technology, IDT’s Canadian acquisition vehicle 4440471 Canada Inc., and Tundra Semiconductor.

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Why did IDT want Tundra?

IDT said Tundra’s technologies complemented its existing RapidIO and PCI Express product portfolios. The combination was expected to strengthen serial-switching and bridging products built around PCI Express, RapidIO, and VME interconnect standards, and to reinforce IDT’s position in communication, computing, and embedded markets. Those were the strategic aims described at the time, not evidence of measured post-acquisition synergies.

How did the IDT offer compare with Gennum’s earlier proposal?

EE Times reported that Gennum had previously made an offer of approximately CDN$92.3 million and did not match IDT’s offer. That headline figure is not a complete, independently verified side-by-side valuation analysis, so it should not be treated as enough information to compare every term or the per-share value of the proposals.

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The available reporting establishes the IDT terms and the shareholder and court steps, but does not provide a full vote table or quantified post-closing results.

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