|[April 01, 2014]
Microchip Technology and Supertex Announce the Completion of the Acquisition of Supertex by Microchip Technology
CHANDLER, Ariz. & SUNNYVALE, Calif. --(Business Wire)--
Microchip Technology (News - Alert) Incorporated (NASDAQ: MCHP) ("Microchip") and
Supertex, Inc. (NASDAQ: SUPX) ("Supertex") today announced that
Microchip has completed its previously announced acquisition of Supertex (News - Alert)
following approval of the transaction by Supertex shareholders at
Supertex's special meeting of shareholders held today.
Approximately 98.4% of the Supertex shares that voted were voted in
favor of the merger in which Supertex shareholders will receive $33.00
per share in cash. Overall, approximately 87.7% of the total outstanding
Supertex shares were voted. Therefore, approximately 86.43% of the total
outstanding Supertex shares were voted in favor of the acquisition
"We are very pleased to have completed our acquisition of Supertex,"
said Steve Sanghi, President and CEO of Microchip. "I welcome the
Supertex employees into the Microchip family and look forward to
building a combined organization that will bring the capabilities of
both organizations to bear in the marketplace."
As a result of the completion of the transaction, trading in Supertex
common stock on the NASDAQ will cease effective after the close of
Microchip will share more information regarding the Supertex transaction
during its Q4 and FY2014 financial results conference call scheduled for
Tuesday, May 6, 2014.
The statement in this release relating to building a combined
organization that will bring the capabilities of both organizations to
bear in the marketplace is a forward-looking statement made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. This forward-looking statement is subject to a number of
business, economic, legal and other risks that are inherently uncertain
and difficult to predict, including, but not limited to: changes in
demand or market acceptance of the products of Microchip and Supertex
and the products of their customers; copetitive developments; the costs
and outcome of any current or future litigation involving Microchip,
Supertex or the acquisition transaction; the effect of the acquisition
on Microchip's and Supertex's existing relationships with customers and
vendors and their operating results and businesses; the progress and
costs of development of Microchip and Supertex products and the timing
and market acceptance of those new products; Microchip's ability to
successfully integrate Supertex's operations and employees and retain
key employees; and general economic, industry or political conditions in
the United States or internationally. For a detailed discussion of these
and other risk factors, please refer to the SEC (News - Alert) filings of Microchip and
Supertex including those on Forms 10-K and 10-Q. You can obtain copies
of Forms 10-K and 10-Q and other relevant documents for free at
Microchip's website (www.microchip.com),
at Supertex's website (www.supertex.com)
(as applicable) or the SEC's website (www.sec.gov)
or from commercial document retrieval services.
Stockholders of Microchip and Supertex are cautioned not to place undue
reliance on the forward-looking statements in this press release, which
speak only as of the date such statements are made. Neither Microchip
nor Supertex undertakes any obligation to publicly update any
forward-looking statements to reflect events, circumstances or new
information after this April 1, 2014 press release, or to reflect the
occurrence of unanticipated events.
Microchip Technology Inc. (NASDAQ: MCHP) is a leading provider of
microcontroller, analog and Flash-IP solutions, providing low-risk
product development, lower total system cost and faster time to market
for thousands of diverse customer applications worldwide. Headquartered
in Chandler, Arizona, Microchip offers outstanding technical support
along with dependable delivery and quality. For more information, visit
the Microchip website at http://www.microchip.com.
Supertex, Inc. is a mixed-signal semiconductor manufacturer, focused on
high voltage analog and mixed signal products for use in the medical,
LED lighting, display, industrial and telecommunication industries.
Supertex product, corporate and financial information is readily
available at www.supertex.com.
Note: The Microchip name and logo are registered trademarks of
Microchip Technology Inc. in the USA and other countries. Supertex
is a registered trademark of Supertex, Inc. All other trademarks
mentioned herein are the property of their respective companies.
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