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Technology Stocks : Genesis Microchip (GNSS) -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (1045)	3/17/2003 8:17:55 AM
From: Larry S.	Respond to of 1277

Genesis Microchip to merge with Pixelworks Monday March 17, 8:08 am ET SAN JOSE, Calif., March 17 (Reuters) - Genesis Microchip Inc. (NasdaqNM:GNSS - News) on Monday said it would combine with Pixelworks Inc. (NasdaqNM:PXLW - News) in a $600 million deal to expand their reach in the market for chips that power visual displays. The deal is structured as a reverse takeover. Pixelworks will issue stock to Genesis shareholders, who will end up with a majority stake in the combined company. Terms of the transaction call for Pixelworks to issue 2.3366 shares of its stock for each Genesis share, the companies said in a joint statement. That is equal to about $17.87 per Genesis share, a premium of more than 35 percent over Genesis closing Nasdaq price Friday of $13.17. Pixelworks shares closed at $7.65, also on Nasdaq. Genesis Microchip's shareholders will own about 62.5 percent of the combined company, and Pixelworks shareholders will own about 37.5 percent, the companies sa