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Technology Stocks : Semi Equipment Analysis
SOXX 314.52-0.6%Dec 11 4:00 PM EST
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From: The Ox6/23/2014 12:16:56 PM
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PLX Technology, Inc. (Nasdaq: PLXT) 9.9% HIGHER; Avago Tech (Nasdaq: AVGO) and PLX Technology, Inc. (Nasdaq: PLXT) announced that they have entered into a definitive agreement under which Avago will acquire PLX, a leader in PCI Express silicon and software connectivity solutions, in an all-cash transaction valued at approximately $309 million, or $293 million net of cash and debt acquired. Under the terms of the agreement, which was approved by the Boards of Directors of both companies, a subsidiary of Avago will commence a tender offer for all of the outstanding shares of PLX common stock for $6.50 per share in cash. Avago expects to fund the transaction with cash available on its balance sheet.
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