MANHASSET, N.Y. Alliance Semiconductor Corp. has commenced a tender offer in which it will spend up to $30 million to repurchase up to 10,909,090 shares of its common stock, about 30.6 percent of its outstanding shares, for cash.
The share price will range from $2.75 to $3, with Alliance determining the buyback share price based on the number of shares tendered and the prices specified by the tendering shareholders. The offer will expire at midnight Sept. 22, 2006.
The move is the latest by Alliance Semiconductor (Santa Clara, Calif.) to right its ship. On May 1, the company agreed to sell its analog and mixed-signal business unit to a group of investors led by Shah Capital Partners LP for $9.25 million in cash.
Two months earlier, Alliance named one of its major investors, Bryant R. Riley
, as chairman of its board following a proxy battle.