Filed by Entropic Communications, Inc.
Pursuant to Rule 425 under the Securities Act of
1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Entropic Communications, Inc.
Commission File No.: 001-33844
MaxLinear and Entropic Announce Early Termination of Hart-Scott-Rodino Waiting Period for
MaxLinears Pending Acquisition of Entropic
CARLSBAD, Calif. and SAN DIEGO, Feb. 27, 2015 (GLOBE NEWSWIRE) MaxLinear, Inc. (NYSE: MXL or MaxLinear) and Entropic
Communications, Inc. (Nasdaq: ENTR) (or Entropic) today announced that the U.S. Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act)
with respect to MaxLinears pending acquisition of Entropic.
As previously announced on February 3, 2015, MaxLinear and Entropic entered into a
definitive agreement under which MaxLinear would acquire Entropic for (i) $1.20 per share in cash and (ii) 0.2200 of a share of MaxLinear common stock for each Entropic common share outstanding. Termination of the HSR Act waiting period
satisfies one of the conditions to closing of the proposed transaction. The closing of the transaction is also subject to approval of the stockholders of both MaxLinear and Entropic, and other closing conditions, including the effectiveness of
MaxLinears Registration Statement on Form S-4. Subject to the satisfaction of these other conditions, the transaction is expected to close in the second quarter of 2015.
About Entropic
Entropic is a world leader in
semiconductor solutions for the connected home. The Company transforms how traditional HDTV broadcast and IP-based streaming video content is seamlessly, reliably, and securely delivered, processed, and distributed into and throughout the
home. Entropics next-generation Set-top Box (STB) System-on-a-Chip (SoC) and Connectivity solutions enable Pay-TV operators to offer consumers more captivating whole-home entertainment experiences by transforming the way digital
entertainment is delivered, connected and consumed in the home and on the go. For more information, please visit Entropic at: www.entropic.com, read our blog Entropic Topics, or get social with us at @Entropic_News, or
on Facebook, Google+, YouTube and LinkedIn.
About MaxLinear
MaxLinear is a leading provider of radio-frequency and mixed-signal semiconductor solutions for broadband communications applications. MaxLinear is
headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning MaxLinears proposed acquisition of Entropic; and the anticipated timing of the
closing of the acquisition. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the
forward-looking statements. Forward-looking statements are based on managements current, preliminary expectations and are subject to various risks and uncertainties. In addition, risks and uncertainties that could affect the forward-looking
statements set forth in this press release include the following: failure of MaxLinears or Entropics stockholders to approve the proposed merger transaction; the challenges and costs of closing, integrating, restructuring, and achieving
currently anticipated synergies; the ability to retain key employees, customers, and suppliers during the pendency of the merger and afterward; and other risks, uncertainties and factors affecting the business, operations, and financial condition of
either MaxLinear or Entropic, including the information contained in MaxLinears and Entropics respective Annual Reports on Form 10-K for the year ended December 31, 2014, and other reports and filings with the SEC.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with
respect to the proposed merger or otherwise. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In
connection with the proposed merger, MaxLinear intends to file a registration statement on Form S-4 with the SEC, which will include a preliminary prospectus and related materials to register the shares of MaxLinear Class A Common Stock to be
issued in the merger, and MaxLinear and Entropic intend to file a joint proxy statement/prospectus and other documents concerning the proposed merger with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE
JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MAXLINEAR, ENTROPIC, AND THE PROPOSED MERGER. Investors and
security holders will be able to obtain free copies of the registration statement and the joint proxy statement/prospectus (when they are available) and any other documents filed by MaxLinear and Entropic with the SEC at the SECs website at
www.sec.gov. They may also be obtained for free by contacting MaxLinear Investor Relations at http://investors.maxlinear.com/, IR@MaxLinear.com or by telephone at (760) 517-1112 or by contacting Entropic Investor Relations at
http://ir.entropic.com/, ir@entropic.com or by telephone at (858) 768-3852. The contents of the websites referenced above are not deemed to be incorporated by reference into the registration statement or the joint proxy statement/prospectus.
Participants in the Solicitation
Each of Entropic
and MaxLinear and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from their respective stockholders with respect to the transactions contemplated by the merger agreement. Information
regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of MaxLinear or Entropic security holders in connection with the proposed merger will be set forth in the registration statement and the joint
proxy statement/prospectus when filed with the SEC. Information regarding Entropics executive officers and directors is included in Entropics Proxy Statement for its 2014 Annual Meeting of Stockholders, filed with the SEC on
April 3, 2014, and its Current Report on Form 8-K, filed with the SEC on November 10, 2014, and information regarding MaxLinears executive officers and directors is included in MaxLinears Proxy Statement for its 2014 Annual
Meeting of Stockholders, filed with the SEC on April 17, 2014 and its Current Report on Form 8-K, filed with the SEC on December 16, 2014. Copies of the foregoing documents may be obtained as provided above. The interests of such persons
may differ from the interests of MaxLinear or Entropic stockholders generally.
MxL and the MaxLinear logo are trademarks of MaxLinear, Inc.
© 2015 Entropic. All rights reserved.
MaxLinear Press Contact:
David Rodewald
The David James Agency LLC
Tel: 805-494-9508
david@davidjamesagency.com
MaxLinear Corporate Contact:
Adam Spice
Chief Financial Officer
Tel: 760-692-0711, ext. 196
aspice@maxlinear.com
Entropic Press and Corporate
Contact:
Debra Hart
Senior Director, Investor Relations
Tel: 858-768-3852
debra.hart@entropic.com
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