The board of semiconductor manufacturer, VLSI, has issued a plea to shareholders to vote against an $805.8 million acquisition bid from Philips Electronics.
VLSI chiefs said Philips' offer of $17.00 per share was "inadequate" and "not in the best interests of VLSI stockholders".
The semiconductor firm also said it will "continue to engage in exploratory discussions with a number of third parties regarding potential strategic alternatives".
Last week, Philips filed a consent statement with the US Securities and Exchange Commission to replace the VLSI directors with nominees, who would allow its offer to proceed.
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