Alliance Semiconductor Approves Merger Between Maverick Networks and Broadcom Corp
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 28, 1999--
SPECIAL ADVISORY: Except for historical information
contained herein, the following material constitutes forward
looking statements: actual results could differ materially
from those projected in the forward-looking statements, as
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Alliance Semiconductor announced today that it recently approved the merger between Maverick Networks, an Alliance Semiconductor funded start-up company, and Broadcom Corp.
At the signing of the merger agreement, Alliance owned approximately 28.4% of the total outstanding shares of Maverick Networks. In February 1998, Alliance entered into investment and technology license agreements with Maverick Networks to assist them in developing integrated semiconductors for multi-layer network switches.
In a press release dated Jan. 25, 1999, Broadcom Corp. (Nasdaq:BRCM), a leading developer of integrated circuits, announced that it has signed a definitive agreement to acquire Maverick Networks, a San Jose based company who are developing highly integrated silicon multi-layer switching equipment in enterprise networks.
As reported by Broadcom, under the terms of the agreement, Broadcom will issue 864,200 shares of its Class B Common stock in exchange for all shares of Maverick Networks Preferred and Common Stock, including shares issuable upon exercise of employee stock options and other rights.
As reported by Broadcom, the agreement has been approved by the board of directors of both companies and is expected to close in approximately 90 days. The transaction is subject to the approval of Maverick Networks' shareholders and satisfaction of regulatory requirements and other closing conditions
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