UK technology old timer Acorn finally keeled over today as it announced the sale of its remaining assets, following dismal financial results.
Acorn has accepted a buyout offer from Morgan Stanley Dean Witter Investment Holdings under which Acorn shareholders will receive two shares in ARM Holdings, the chip business cofounded by Acorn, for every five Acorn shares.
Acorn's Media DSP silicon business is being sold to a management team lead by Acorn chief executive Stan Boland for #1.5 million, while its set top box business is being sold to Pace Micro Technology for #200,000.
For the year ending 31 December, 1998, Acorn reported an operating loss of #10 million on revenue of #11.5 million.
Acorn pulled out of the PC business in January to concentrate on the set top box and DSP markets. Acorn said it cut its losses during the first quarter of this year, but the units were still lossmaking.
Gordon Owen, chairman of Acorn, said the deal was in the interests of shareholders.
"I am delighted that we have been able to generate a value enhancing solution which enables Acorn shareholders to participate directly in ARM's extraordinary success," Owen said in a statement.
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