Boston, MA 10/13/2014 (wallstreetpr) – Peregrine Semiconductor Corp (NASDAQ:PSMI) disclosed that it has been granted approval for the merger of Murata Electronics North America, Inc. by the Japan Fair Trade Commission. The approval was subjected to a waiting period of 30-day that expired on October 12. The approval meant that the company could move on to the next course of action.
Shareholder Vote
According to a statement issued by the Peregrine Semiconductor Corp (NASDAQ:PSMI), the company’s board has established October 13 as the record date for determining shareholders’ name to vote on its special meeting. The meeting would take up the proposed merger on November 19 among other things.
Peregrine Semiconductor Corp (NASDAQ:PSMI) indicated that it would file with the regulator definite proxy materials in relation to the planned merger as quickly as practicable. The company said that the completion of the merger was subject to approval by its shareholders apart from other remaining regulatory approvals. It indicated that the merger would be completed in the fourth quarter of the current calendar year.
The company said that it would announce its third quarter financial results on October 29 after the market closes.
Acquisition
On August 22, both the companies have disclosed that they have struck a definitive deal allowing Murata Electronics North America to buy Peregrine Semiconductor for $12.50 a share in cash. The total deal was valued approximately $471 million or $465 million, excluding the holding of Murata.
Peregrine Semiconductor Corp (NASDAQ:PSMI) said that once the transaction closed, it would be a part of Murata’s wholly owned subsidiary. Besides, it would become part of Murata’s business strategy to spread out its model of current business. The acquisition would integrate Murata’s mobile RF module ability with that of Peregrine’s RF front-end products.
The company has been credited with the invention of RF SOI and led its development for two decades. It accomplished a bigger number of firsts in the industry. Both the companies believed that the deal would deepen its current partnership and position itself to meet the growing opportunities in this sector.
