"Intel Continues To Fish For Chips And Technologies"
newsbytes.com
SANTA CLARA, CALIFORNIA, U.S.A., 1998 JAN 6 (NB) -- By Bill Pietrucha, Newsbytes. For what should be the final time, Intel Corp. [NASDAQ:INTC] today extended the expiration date for the $17.50 per share tender offer by Intel's subsidiary, Intel Enterprise Corp., for all outstanding shares of common stock of Chips and Technologies, Inc. [NASDAQ:CHPS]. The new deadline - extended from January 19, 1998 - is now 8:00 PM EST, on January 21, 1998.
Intel's original bid last July for graphics chip maker Chips and Technologies was delayed by the US Federal Trade Commission (FTC), which wanted to see if the deal would give Intel unfair competitive advantage over other graphics component suppliers, including Advanced Micro Devices Inc., ATI Technologies, and S3 Inc.
At the time, the FTC said the proposed $420 million acquisition of Chips & Technologies required a detailed examination because it would give Intel, the world's largest chip maker, control of the largest manufacturer graphics chips for laptop computers.
Intel Corp. received a request for additional information from the FTC last August about the previously announced $17.50 per share cash tender, Intel spokesperson Tom Waldrop told Newsbytes, and Chips and Technologies spokesperson Tim Christofferson said his company also received a similar request for additional information from the FTC.
Christofferson said the "second request" by the FTC extended the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, during which the FTC is permitted to review the transaction until 10 calendar days after Intel "has complied
substantially with the information request."
Waldrop told Newsbytes that Intel expects to receive, "on or before January 13, 1998, the Federal Trade Commission's decision as to whether or not it intends to challenge the transaction."
At yesterday's close of business, Waldrop said, about 13,735,000 shares, or about 62 percent, of common stock of Chips and Technologies, Inc., had been tendered in the tender offer.
(19980106/Press & Reader Contact: Tom Waldrop, Intel Corp., 408-765- 8478; e-mail tom_waldrop@ccm.sc.intel.com)
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Alex |
