California-based Microsemi acquired PowerDsine for $245 million in cash and shares.
Power over Ethernet (PoE) solutions company PowerDsine Ltd. (Nasdaq: PDSN) has now ceased to exist as an independent entity. Microsemi Corporation (Nasdaq:MSCC) today finalized its acquisition of the company two and a half years after it went public and ten weeks after the deal was announced.
California-based Microsemi designs and manufactures analog integrated circuits. It acquired PowerDsine for $245 million in cash and shares. Microsemi paid $11 per share, 18.5% above the company’s market price on October 23, the day before the deal was announced, but less than PowerDsine’s IPO price of $11.50. Each PowerDsine shareholder will receive $8.25 per share and 0.1498 Microsemi share’s on the basis of its price on October 23. Microsemi has a market cap of $1.3 billion.
Published by Globes [online], Israel business news - www.globes.co.il - on January 9, 2007
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