Mergers and Acquistions News
Categories: Semi-Conductors
June 9th 2009, 15:35PM
GPS provider SiRF has announced the filing of a definitive proxy statement with regulators regarding its proposed merger with the British Bluetooth wireless semiconductor firm CSR.
The merger, which was announced in February this year, will see SiRF stockholders receive 0.741 of a CSR share for each share of SiRF common stock they own.
Based on the closing stock price for CSR on February 9th, this consideration would be equivalent to $2.06 (£1.27) of CSR stock per SiRF share with a total value estimated at $136 million (£83.7 million).
Speaking at the time of the announcement, CSR's chief executive officer Joep van Buerden described the deal as a "compelling transaction".
"We expect it to be significantly accretive, to enhance the enlarged group's financial strength and cash position and to create new and wider revenue opportunities," he added.
A special meeting of SiRF stockholders will now be held on June 25th to consider and vote upon the adoption of the merger.
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