LONDON Ė MEMS maker Memsic Inc. said IDG-Accel China Growth Fund II LP has offered to acquire the company for $4.00 per share, or about $96.8 million in cash.
Memsic (Andover, Mass.) was founded in 1999 by Yang Zhao, who had previously worked at Analog Devices Inc. Zhao has served the company as CEO since its formation. The company has had a manufacturing base in Wuxi, China, since soon after its formation and specializes in combining MEMS sensors with CMOS-based IC technology.
IDG Capital Partners is primarily focused in investing in China-related venture capital and private equity projects. IDG-Accel China Growth Fund II LP is a fund that represents a number of China-focused private equity companies. The given address for correspondence is IDG Capital Management (HK) Ltd. in Hong Kong.
Two individuals involved in the bid are: Quan Zhou, who was appointed a director of Memsic in March 2011 and Chi Sing Ho.
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