Gennum abandons offer; IDT to acquire Tundra

Ottawa’s Tundra Semiconductor and Integrated Technology Devices (ITD) of California Tundra-logo-153X32.JPGenter into a definitive acquisition agreement, following notice from Gennum Corporation that it will not match ITD’s April 27 all-cash offer for Tundra. Burlington, Ont.-based Gennum will receive a $5 million penalty from Tundra, in keeping with a “superior bid” clause in an agreement signed by the two companies April 17. Under the ITD-Tundra agreement, ITD will acquire all issued and outstanding common shares of Tundra at a cash price of $6.25 per share, for a total of roughly $120 million. Before it can be finalized the transaction must be approved by two-thirds of Tundra shareholders at a special meeting to be held in June. Click here for more information.

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