Microchip Technology Completes Acquisition of Silicon Storage Technology Following Approval of Transaction by SST Shareholders
April 08 2010 - 5:19PM
Business Wire
Microchip Technology Incorporated (NASDAQ: MCHP) (“Microchip”)
and Silicon Storage Technology, Inc. (NASDAQ: SSTI) (“SST”) today
announced that Microchip has completed its previously announced
acquisition of SST following approval of the transaction by SST
shareholders at SST’s Special Meeting of Shareholders held
today.
Approximately 65.91 percent of SST shares outstanding were voted
in favor of the Microchip merger agreement, under which SST
shareholders will receive $3.05 per share in cash.
“We are pleased to have completed this transaction,” said Steve
Sanghi, Microchip President and Chief Executive Officer. “Through
this acquisition, we gain access to SST’s SuperFlash® technology
and extensive patent portfolio, which are critical building blocks
for advanced microcontrollers. We expect that SST will also enhance
our ability to customize technology variants, thereby adding an
advantage over competing technologies.”
“We are pleased to conclude a successful process that has
allowed us to maximize value for SST shareholders,” said Ronald
Chwang, Chairman of the Strategic Committee of SST’s Board of
Directors.
“We are confident that SST will flourish as a part of
Microchip,” said Bing Yeh, co-Founder and Chief Executive Officer
of SST. “As part of a larger, more diversified company, we believe
that SST will be better positioned to deliver the superior service
and innovative NOR flash and embedded flash solutions that our
customers expect.”
As a result of the completion of the transaction, trading in SST
common stock on the NASDAQ will cease effective after the close of
market today.
Cautionary
Statement:
The statements in this release relating to SST enhancing
Microchip’s ability to customize technology variants that provides
Microchip an advantage over competing technologies, confidence that
SST will flourish as part of Microchip and SST being better
positioned to deliver the service and solutions that its customers
expect are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements involve risks and uncertainties that
could cause actual results to differ materially, including, but not
limited to: changes in demand or market acceptance of SST’s
products and technology and the products and technology needs of
its customers, changes in demand or market acceptance of
Microchip’s products and the products of its customers; competitive
developments including changes in microcontroller or memory
technologies; the costs and outcome of any current or future tax
audit or any litigation involving Microchip’s or SST’s intellectual
property, customers or other issues; disruptions due to natural
disasters, terrorist activity, armed conflict, war, worldwide oil
prices and supply, public health concerns or disruptions in the
transportation system; and general economic, industry or political
conditions in the United States or internationally. For a detailed
discussion of these and other risk factors, please refer to the
filings of Microchip and SST on Form 10-K, Form 10-Q and Form 8-K.
You can obtain copies of Microchip’s and SST’s SEC filings and
other relevant documents for free at the SEC's website
(www.sec.gov), or at Microchip’s website (www.microchip.com) for
its filings or at SST’s website (www.ssti.com) for its filings or
from commercial document retrieval services.
Stockholders are cautioned not to place undue reliance on the
forward-looking statements in this news release, which speak only
as of the date such statements are made. Neither Microchip nor SST
undertakes any obligation to publicly update any forward-looking
statements to reflect events, circumstances or new information
after this April 8, 2010 press release, or to reflect the
occurrence of unanticipated events.
About
Microchip:
Microchip Technology Incorporated is a leading provider of
microcontroller and analog semiconductors, providing low-risk
product development, lower total system cost and faster time to
market for thousands of diverse customer applications worldwide.
Headquartered in Chandler, Arizona, Microchip offers outstanding
technical support along with dependable delivery and quality. For
more information, visit the Microchip website at
www.microchip.com.
About Silicon Storage
Technology, Inc.:
Headquartered in Sunnyvale, California, SST designs,
manufactures and markets a diversified range of memory and
non-memory products for high volume applications in the digital
consumer, networking, wireless communications and Internet
computing markets. Leveraging its proprietary, patented SuperFlash
technology, SST is a leading provider and licensor of nonvolatile
memory solutions with product families that include various
densities of high functionality flash memory components and flash
mass storage products. The company also offers its SuperFlash
technology for embedded applications through its broad network of
world-class manufacturing partners and technology licensees,
including TSMC, which offers it under its trademark EMBFLASH. SST's
non-memory products include NAND controller-based products, smart
card ICs and modules, flash microcontrollers and radio frequency
ICs and modules. Further information on SST can be found on the
company's website at www.sst.com.
For more information about SST and the company's comprehensive
list of product offerings, please call 1-888/SST-CHIP. Information
can also be requested via email to literature@sst.com or through
SST's website at www.sst.com. SST's head office is located at 1020
Kifer Road, Sunnyvale, California 94086; telephone: 408/735-9110,
fax: 408/735-9036.
The Microchip logo and name are
registered trademarks of Microchip Technology Incorporated in the
U.S.A. and other countries. The SST logo and SuperFlash are
registered trademarks of Silicon Storage Technology, Inc. EMBFLASH
is a service mark and/or trademark of TSMC. All other trademarks
mentioned herein are the property of their respective
companies.
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