SAN FRANCISCOShareholders of Tundra Semiconductor Corp. have approved the firm's acquisition by a wholly owned subsidiary of Integrated Device Technology Inc. (IDT), Tundra said Monday (June 15).
The deal, worth about $100 million, was approved by about 99.9 percent of voting shareholders, Tundra (Ontario, Candada) said. Roughly 77.6 percent of the outstanding shares of Tundra were represented at a special shareholder meeting called for the vote, either in person or by proxy, Tundra said.
IDT (San Jose, Calif.) bid for Tundra in April, after Tundra's management team had already signed a definitive agreement to be acquired by fellow Canadian IC vendor Gennum Corp. for roughly $92.3 million. Gennum later said it wouldn't match IDT's offer for Tundra, a provider of communications, computing and storage semiconductors and intellectual property.
An IDT subsidiary named 4440471 Canada Inc. will acquire all of the outstanding shares of Tundra, pending final approval by the Ontario Superior Court of Justice, Tundra said. The court's approval will be sought Tuesday, the company said. The transaction is expected to close on or about June 29.