Broadcom Buys UK Firm Innovision For GBP32 Million
18 Giugno 2010 - 9:36AM
Dow Jones News
Communications technology group Innovision Research &
Technology PLC (INN.LN) Friday said it has accepted a recommended
cash offer by U.S. semiconductor firm Broadcom Corp. (BRCM), which
values the company at about GBP32 million.
The company intends to ask shareholders to agree to the 35 pence
a share takeover by Broadcom, whose chips power Apple Inc.'s (AAPL)
iPad.
The offer price represents a premium of 84.2% to Innovision's
closing share price the day before the offer was announced and a
75.2% premium to Innovision's average share price in the three
months before the deal.
Broadcom said the takeover will provide it with important
technology and engineering talent to develop its wireless
connectivity business.
Separately, Innovision announced a narrower pretax loss, of
GBP2.88 million from GBP2.9 million a year earlier.
Revenue climbed to about GBP2 million from GBP1.2 million a year
earlier and Innovision said activity levels in its markets continue
to improve.
-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298;
hannah.benjamin@dowjones.com
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