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June 10, 2014
09:02 EDTADI, HITTAnalog Devices acquisition pricey but positive, says Argus
After Analog Devices (ADI) agreed to buy Hittite Microwave Corp. (HITT) for approximately $2B, Argus thinks the deal is positive based on what it sees as the expected immediate accretion from profitable operations, a good fit in terms of markets served, and potential back-office, operating, and go-to-market synergies. The firm raised its price target on Analog Devices to $65 from $58 and keeps a Buy rating on the stock.
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of the tender offer, 23,291,991 shares of Hittite Microwave common stock had been validly tendered and not validly withdrawn, representing approximately 74.2% of Hittite Microwave’s outstanding shares of common stock.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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