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Capella Microsystems' Board Suggests Shareholders Tender Their Shares [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) Vishay Intertechnology, Inc., reported that the board of Taiwan- based Capella Microsystems Inc. has determined that the price per share offered by Vishay in a tender offer is reasonable and has recommended that shareholders of Capella tender their shares. A special offer review committee of Capella separately has made the same determination and recommendation. According to a release, on July 11, Vishay entered into an agreement to acquire Capella for approximately NT$6,051 million or US$205 million. Vishay intends to acquire Capella first through a tender offer of up to 100 percent of Capella's outstanding shares at a price of NT$139 per share. The tender offer is conditioned upon at least a majority of the outstanding shares being tendered. The period to tender outstanding shares ends on September 1, but could be extended pursuant to local regulations. If a majority of the outstanding shares are tendered and the government approvals are obtained, the tender offer is expected to close in September 2014 followed by Vishay's acquisition of 100 percent of Capella in a merger by the end of January 2015. In 2013, Capella had revenues of NT$1,873 million or approximately US$63 million achieving gross margins in the high 40 percents and EBITDA of approximately US$19 million; cash and cash equivalents were approximately US$60 million without any long-term debt. Vishay Intertechnology, Inc. is a manufacturer of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). Capella Microsystems, Inc. is a fabless IC design company. More information and complete details: vishay.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |