Microsemi Successfully Completes Acquisition of Vitesse
Microsemi Corporation, a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, and Vitesse Semiconductor Corporation jointly announced today that Microsemi’s wholly-owned subsidiary LLIU100 Acquisition Corp. successfully merged into Vitesse, completing Microsemi’s acquisition of Vitesse under Section 251 of the General Corporation Law of the State of Delaware , with no vote of Vitesse’s stockholders required to consummate the merger.
At the effective time of the merger, each outstanding share of Vitesse (other than shares directly owned by Vitesse and its subsidiaries, Microsemi or LLIU100 Acquisition Corp. and shares held by stockholders that are entitled to and properly demand appraisal of such shares under Delaware law) was converted into the right to receive $5.28 per share in cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. Following the merger, Vitesse shares will cease to be traded on Nasdaq.
Headquartered in Camarillo, California, Vitesse designs a diverse portfolio of high-performance semiconductors, application software, and integrated turnkey systems solutions for carrier, enterprise and Internet of Things (IoT) networks worldwide. Vitesse’s products enable the fastest-growing network infrastructure markets including mobile access/IP edge, enterprise cloud access, and industrial IoT networking.
Microsemi continues to expect the acquisition of Vitesse will be accretive in its first full quarter, ended Sept. 27, 2015. Further, Microsemi sees approximately $20 million of cost savings-related synergies on an annual basis, driving $0.16-$0.20 of EPS accretion in its first full fiscal year ending Sept. 30, 2016.