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Stock Market & Financial Investment News

News Breaks
June 9, 2014
10:38 EDTADI, HITTHittite Microwave, Analog Devices both rise following merger
Hittite Microwave (HITT) shares are sharply higher this morning after Analog Devices (ADI) agreed to acquire the company for $78 per share in cash. Analog Devices is engaged in the design, manufacture and marketing of a range of analog, mixed-signal and digital signal processing integrated circuits, while Hittite designs and develops integrated circuits, modules, subsystems and instrumentation for radio frequency microwave and millimeterwave applications. WHAT'S NEW: Analog Devices said it would buy Hittite Microwave for $78 per share in cash in a deal that reflects an enterprise value of approximately $2B. Analog Devices said it will fund the deal through cash on hand and short-term debt financing and that both companies' boards of directors have approved the transaction. The deal, which is anticipated to close near the end of ADI's Q3, is expected to be accretive to ADI's non-GAAP earnings per share. ADI President and CEO Vincent Roche commented that "Hittite’s strength in RF, microwave, and millimeter wave technology complements ADI’s RF and signal conversion expertise." On an investor presentation discussing the deal, ADI said that the deal will be accretive to gross margins and operating profits. ADI is expected to launch a tender offer for Hittite in approximately 10 business days. WHAT'S NOTABLE: Analog Devices also backed its third quarter adjusted EPS guidance of 60c-64c excluding items and revenue growth of 1%-5%. The consensus forecast of analysts prior to the report was 63c and $716.09M, respectively. PRICE ACTION: Hittite Microwave shares rose 28.7% to $77.96 and Analog Devices advanced 5.9% to $55.77 in mid-morning trading.
News For ADI;HITT From The Last 14 Days
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July 22, 2014
14:55 EDTHITTGabelli raises stake in Hittite Microwave to 6.5% from 5.4%
07:08 EDTADI, HITTAnalog Devices completes tender offer for Hittite Microwave shares
Analog Devices (ADI) announced it has completed its tender offer to purchase all outstanding shares of common stock of Hittite Microwave Corporation (HITT) for $78.00 per share in cash, and ADI has accepted for payment and will promptly pay the depositary for all validly tendered shares. ADI expects to complete the acquisition of Hittite Microwave later today and will issue a press release to notify stakeholders. The tender offer expired at 12:00 midnight, New York City time, at the end of July 21, 2014. As of the expiration of the tender offer, 23,291,991 shares of Hittite Microwave common stock had been validly tendered and not validly withdrawn, representing approximately 74.2% of Hittite Microwave’s outstanding shares of common stock.
July 16, 2014
18:02 EDTADI, HITTEducation Realty to replace Hittite Microwave in S&P 600 as of 7/21 close
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July 15, 2014
16:09 EDTHITTGabelli reports 5.4% stake in Hittite Microwave
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