SAN JOSE, Calif., March 5 /PRNewswire/ -- VLSI Technology, Inc. (Nasdaq: VLSI) announced that it has been informed by Royal Philips Electronics that Philips has commenced a tender offer for all outstanding VLSI shares at a price of $17.00 per share. The unsolicited offer has been referred to the VLSI Board of Directors for its review.
VLSI urges all of its shareholders to take no action with respect to Philips' unsolicited offer and any related activities until its Board of Directors has made its recommendation no later than Thursday, March 18, 1999.
As previously announced, VLSI has retained Morgan Stanley & Co. Incorporated and Hambrecht & Quist LLC as its financial advisers, and Latham & Watkins and Richards, Layton & Finger as its legal counsel, to assist the Board in evaluating Philips' unsolicited proposal.
VLSI Technology, Inc. designs and manufactures custom and semi-custom integrated circuits for leading firms in the wireless communications, networking, consumer digital entertainment and advanced computing markets.
The company is based in San Jose, Calif. with 1998 revenues from continuing operations of $547.8 million, and approximately 2,200 employees worldwide. For more information, visit the VLSI homepage, www.vlsi.com.
SOURCE VLSI Technology, Inc. |
