Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: schlep who wrote (5945)	3/23/1999 1:03:00 PM
From: Linda Kaplan	Read Replies (1) \| Respond to of 6565

Note last paragraph: Headline: (UPDATE) VLSI Requests Meeting With Philips Electronics To Discuss Bid ====================================================================== AMSTERDAM -(Dow Jones)- Chip maker VLSI Technology Inc., which recently rejected a takeover bid from Philips Electronics NV, late Monday requested a meeting with its Dutch suitor to discuss a possible takeover. Earlier this month, Philips launched a hostile $17-a-share, or $777 million takeover offer for VLSI, which makes chips for mobile-phone handsets and other devices. VLSI called the offer "inadequate." VLSI's shares (VLSI) were down 37.5 cents at $19.313 in midmorning trading Tuesday. Because of VLSI's weak takeover defenses, Philips (PHG) reportedly solicited shareholders directly to oust the board if VLSI didn't come to the table. Most companies incorporated in Delaware have removed the right of shareholders to oust directors via an immediate shareholder solicitation, but VLSI's charter allows for such a move. The battle has been closely watched because foreign companies rarely make hostile bids, and bidders rarely launch hostile missiles at high-tech companies because of the risk of losing precious employees. Though based in Europe, Philips has had a presence in Silicon Valley since 1975. Philips Semiconductors now has 1,500 employees in Sunnyvale, Calif. The San Jose Mercury News recently reported that VLSI's compensation for Chairman and Chief Executive Officer Alfred Stein and accounting issues may deter other companies from bidding for VLSI. Copyright (c) 1999 Dow Jones & Company, Inc. All Rights Reserved.