Royal Philips Electronics has offered $805.8 million in cash, or $17 per share, for the semiconductor manufacturer, VLSI Technology.
Philips appears to be is applying some pressure on the VLSI directors. It published a letter to VLSI?s chairman and chief executive, Alfred Stein, in what looks like a direct appeal to shareholders. The letter urged that the companies, ?should progress with our discussions on a fast time track?.
At $17 per share, the offer represents a premium of 60 per cent on VLSI's closing price on 25 February.
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