Microchip completes SST acquisition

SAN JOSE, Calif. -- Microchip Technology Inc. and Silicon Storage Technology Inc. announced that Microchip has completed its previously announced acquisition of SST.

Approximately 65.91 percent of SST shares outstanding were voted in favor of the Microchip merger agreement, under which SST shareholders will receive $3.05 per share in cash.

Microchip had been in a bidding war for SST with an investment firm.