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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!! -- Ignore unavailable to you. Want to Upgrade?

To: Linda Kaplan who wrote (5251)	2/26/1999 6:51:00 AM
From: Ram Seetharaman	Read Replies (1) \| Respond to of 6565

VLSI getting a low offer of $ 17. See enclosed. 02/26 05:36 Royal Philips offers $776.9 mln for VLSI stock NEW YORK, Feb 26 (Reuters) - Royal Philips Electronics <PHG.AS> said early on Friday it has offered to buy all the outstanding stock of semiconductor firm VLSI Technology Inc. <VLSI.O> in a cash deal that could be worth about $776.9 million. Royal Philips Electronics has offered to pay $17 per share for VLSI's approximately 45.7 million shares outstanding. Royal Philips' per share offering is about 60 percent higher than VLSI's closing price of 10-3/4 on Thursday. Philips, a Dutch electronics company, said in a statement the proposal was consistent with its strategy of looking for acquisitions that strengthen its presence in the United States. It would use VLSI as the "cornerstone" of its strategy for Philips Semiconductors. In a letter to VLSI, Philips said it would finance the deal primarily through existing cash balances. It also said it had met with VLSI and had studied the possibility of such a merger for some time. San Jose, California-based VLSI's 1998 revenues from continuing operations totaled about $550 million. Philips's stocks dipped in Europe on Friday, apparently disregarding the proposal. It was last at 63.25 euros, down 0.78 percent on the day in Europe. The Dutch electronics company asked VLSI's board to respond to the offer by the close of business on March 3. A VLSI company spokesman was not immediately available for comment.