Boston, MA 06/18/2014 (wallstreetpr) – RF Micro Devices, Inc. (NASDAQ:RFMD) and TriQuint Semiconductor (NASDAQ:TQNT) have entered into a definitive merger agreement. The good news for both the companies is that HSR act waiting period has been completed. It has to be followed under the US HSR Antitrust Improvement Act of 1976. The transaction was finalized long back but then there are certain conditions to be completed before the actual completion of the transaction. The completion of the waiting is one of the conditions to be competed for the transaction.
The necessary formalities
RF Micro Devices, Inc. (NASDAQ:RFMD) and TriQuint have already announced their business combination some months back. The transaction has to pass some pre-made rules and regulations. With the completion of the HSR act, the definitive agreement is closer to its completion. During the Hart-Scott-Rodino waiting period, there was no action taken by the Federal Trade Commission. It was also cleared by the Department of Justice. The combination has to be approved by both the company’s shareholders. Further, it is subject to the regulatory approvals.
The definitive agreement
RFMD and TriQuint have announced the news of definitive merger agreement On February 24, 2014. As per the new agreement, the companies will now become a new holding company. It will be an all stock and merger of equals’ transaction. The shareholders of RFMD will get 0.2500 of a share of a new unit for each share of RFMD common stock. The shareholders of TriQuint Semiconductor (NASDAQ:TQNT) will be eligible to get 0.4187 of a share of the new unit for each share of TriQuint common stock. It is a merger of equals’ transaction that suggests the shareholders of RF Micro Devices, Inc. (NASDAQ:RFMD)and shareholders of TriQuint both will get around 50% of the shares of common stock of the new company. They will receive the common stocks after the completion of the transaction.
