GSI Technology’s board of directors has unanimously rejected the bid by GigOptix to acquire the company for about $154 million.
Last month, GigOptix made public its desire to acquire the fabless semiconductor company at $6.50 a share in order to create semiconductor devices for new high speed core, metro and cloud connectivity applications.
In its rejection of the potential acquisition, Dr. Avi Katz, president and CEO of GSI, said in a statement that the company reviewed the non-binding and conditional proposal but concluded that the proposal “would be contrary to the best interests of our stockholders” and that GSI’s future prospects as an independent company as well as shareholder value would be “best served by remaining focused on the execution of our business plan.”
Related links:
IHS Technology Semiconductors & Components Page
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