SAN FRANCISCO—Microsemi Corp. said Tuesday (Nov. 2) it completed the acquisition of programmable logic supplier Actel Corp
Microsemi (Irvine, Calif.) said it wrapped up the successful tender offer by getting 23.1 million shares—approximately 87.9 percent of Actel's outstanding shares—tendered by midnight Monday.
The Actel acquisition is being done through Artful Acquisition Corp., a wholly owned subsidiary of Microsemi. The subsidiary will exercise a “top-up” option own sufficient Actel common stock to effect a "short-form" merger under California law, Microsemi said.
Actel wil become a wholly owned subsidiary of Microsemi without the need for a meeting of Actel shareholders, Microsemi said.
The cash tender offer, first announced early last month, was worth $430 million.