SAN JOSE, Calif., Jan. 15, 2019 /PRNewswire/ -- Integrated
Device Technology, Inc. (IDT®) (NASDAQ: IDTI), a leading
supplier of high-performance system-level analog/mixed-signal
semiconductors, today announced that, at the Company's special
meeting of stockholders held on January 15,
2019, IDT stockholders voted to adopt the Agreement and Plan
of Merger, dated September 10, 2018,
by and between IDT and Renesas Electronics Corporation ("Renesas",
TSE: 6723), a premier global supplier of advanced semiconductor
solutions.
Approximately 99% of all votes cast voted in favor of the
adoption of the merger agreement, representing approximately 82% of
all outstanding shares as of November 23,
2018, the record date for the special meeting. The final
voting results for each of the proposals voted on at the special
meeting of stockholders will be reported on a Current Report on
Form 8-K, in accordance with the rules of the U.S. Securities and
Exchange Commission.
Closing of the transaction remains subject to customary closing
conditions and remaining regulatory approvals.
On December 21, 2018, IDT reported
that the Committee on Foreign Investment in the United States (CFIUS) review regarding
national security concerns relating to the Merger was underway and
the initial 45-day review period would conclude by January 2, 2019. Due to the U.S. government
shutdown that commenced in December
2018, this review period has been tolled pursuant to section
1709 of the Foreign Investment Risk Review Modernization Act of
2018, and will resume following the resumption of operations by the
relevant U.S. government agencies.
As previously announced, the two companies have already received
regulatory antitrust approval for the proposed transaction from
China, Germany, Hungary, and Korea. In addition, the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, in connection with the proposed acquisition
expired at 11:59 p.m., Eastern time,
on October 22, 2018.
About IDT
Integrated Device Technology, Inc. develops system-level solutions
that optimize its customers' applications. IDT's market-leading
products in RF, timing, wireless power transfer, serial switching,
interfaces and sensing solutions are among the company's broad
array of complete mixed-signal solutions for the communications,
computing, consumer, automotive and industrial segments.
Headquartered in San Jose, Calif.,
IDT has design, manufacturing, sales facilities and distribution
partners throughout the world. IDT stock is traded on the NASDAQ
Global Select Stock Market® under the symbol "IDTI." Additional
information about IDT is accessible at www.IDT.com. Follow IDT on
Facebook, LinkedIn, Twitter, YouTube and Google+.
Forward Looking Statements
Investors are cautioned
that forward-looking statements in this release, including but not
limited to statements regarding closing of the merger transaction,
involve a number of risks and uncertainties that could cause actual
results to differ materially from current expectations. Risks
include, but are not limited to, global business and economic
conditions, fluctuations in product demand, manufacturing capacity
and costs, inventory management, competition, pricing, patent and
other intellectual property rights of third parties, timely
development and introduction of new products and manufacturing
processes, dependence on one or more customers for a significant
portion of sales, successful integration of acquired businesses and
technology, availability of capital, cash flow and other risk
factors detailed in the Company's Securities and Exchange
Commission filings. The Company urges investors to review in detail
the risks and uncertainties in the Company's Securities and
Exchange Commission filings, including but not limited to the
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2018. All
forward-looking statements are made as of the date of this release
and the Company disclaims any duty to update such statements.
Financial
Contact:
|
Press Contact:
|
Krishna
Shankar Head of Investor
Relations Phone: (408)
574-6995 E-mail:
krishna.shankar@idt.com
|
Krista
Pavlakos
IDT Director,
Communications
Phone: (408)
574-6640 E-mail:
krista.pavlakos@idt.com
|
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SOURCE Integrated Device Technology, Inc.