Integrated Device Technology – IDTI – Announces End of “Go-Shop” Period in PLX Technology Acquisition

Integrated Device Technology, Inc. (NASDAQ:IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions announced the expiration of the “go-shop” period pursuant to the terms of the previously announced merger agreement with PLX Technology, Inc., dated April 30, 2012, which contemplates the exchange offer for all outstanding shares of PLX common stock, followed by a second step merger.

Pursuant to the “go-shop” provisions of the merger agreement, PLX and its representatives were permitted to actively solicit alternative acquisition proposals for a period of 30 calendar days, which expired at 11:59 p.m. California time on May 30, 2012, and to continue negotiations with certain qualifying “excluded parties” for up to an additional 15 days thereafter. On May 31, 2012, PLX confirmed that it did not receive any superior acquisition proposals during the “go shop” period and that no qualifying “excluded party” would be permitted to engage in any subsequent negotiations.

As previously announced on May 22, 2012, IDT commenced an exchange offer to acquire all outstanding shares of common stock of PLX for (i) $3.50 in cash and (ii) 0.525 shares of IDT common stock for each PLX common share outstanding, without interest and less any applicable withholding taxes. The exchange offer is being made pursuant to a Prospectus/Offer to Purchase, dated May 22, 2012, and in connection with an Agreement and Plan of Merger, dated April 30, 2012, which IDT and PLX previously announced on April 30, 2012.

About Integrated Device Technology – IDTI

Integrated Device Technology, Inc., (IDTI)  the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications.

IDTI uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDTI has design, manufacturing and sales facilities throughout the world.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.