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Tundra Receives Notification from Gennum that it Will Not Match the IDT Offer

April 30, 2009

OTTAWA, April 30 /PRNewswire-FirstCall/ – Tundra Semiconductor Corporation (TSX:TUN) (“Tundra”) today announced that it has received notice from Gennum Corporation (TSX:GND) (“Gennum”) pursuant to the amended arrangement agreement between Gennum and Tundra (the “Gennum Agreement”) that Gennum will not exercise its right to match the offer by Integrated Device Technology, Inc. (NASDAQ:IDT) (“IDT”), announced on April 27, 2009, to acquire all of the issued and outstanding common shares of Tundra at a cash price of Cdn $6.25 per share (the “IDT Offer”).

On April 25, 2009, Tundra notified Gennum of the Tundra Board’s determination that the IDT Offer constitutes a “Superior Proposal” as defined in the Gennum Agreement. Pursuant to the Gennum Agreement, Gennum had the right, but not the obligation, to offer to amend the terms of the Gennum Agreement during a period of five business days to match the IDT Offer. Gennum has elected not to exercise its right to match.

As a result of Gennum’s notification, Tundra expects to be in a position to enter into an Arrangement Agreement with IDT as contemplated by the IDT Offer after Tundra has made payment of a Cdn $5.0 million termination fee to Gennum and terminated the Gennum Agreement.

About Tundra

Tundra Semiconductor Corporation (TSX:TUN) supplies the world’s leading communications, computing and storage companies with System Interconnect products, intellectual property (IP) and design services backed by world-class customer service and technical support. Tundra’s track record of product leadership includes over a decade of bridges and switches enabling key industry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), Power Architecture(TM), VME, HyperTransport(TM), Interlaken, and SPI4.2. Tundra’s products deliver high functional quality and simplified board design and layout, with specific focus on system level signal integrity. Tundra’s design services division, Silicon Logic Engineering, Inc., offers industry-leading ASIC and FPGA design services, semiconductor intellectual property and product development consulting. Tundra’s technology connects critical components in high performance embedded systems around the world. For more information, please visit www.tundra.com.

Caution Regarding Forward-Looking Statements

Certain statements in this news release regarding the proposed transaction between Tundra and IDT, the expected timetable for completing the transaction, and any other statements regarding Tundra’s future expectations, beliefs, goals or prospects constitute forward-looking information within the meaning of applicable securities legislation (collectively “forward-looking statements”). Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered forward-looking statements. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation: the parties’ ability to consummate the transaction; the conditions to the completion of the transaction, including the receipt of shareholder approval, court approval or the regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction; and the other factors described in Tundra’s annual information form for its year ended April 30, 2008, and its recent annual and quarterly financial reports.

Tundra assumes no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in Tundra’s filings with the various provincial securities commissions which are available online at www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of Tundra relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.

This news release and the information contained herein does not constitute an offer of securities for sale in the United Sates and securities may not be offered or sold in the United States absent registration or exemption from registration.

Tundra and the Tundra logo are registered marks of Tundra Semiconductor Corporation in Canada, the United States, the European Union and the People’s Republic of China. RapidIO is a trademark of the RapidIO Trade Association, Inc. The PowerPC name, the Power Architecture name, and the PowerPC logotype are trademarks of International Business Machines Corporation, used under license therefrom.

SOURCE TUNDRA SEMICONDUCTOR CORPORATION


Source: newswire



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