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Stock Market & Financial Investment News

News Breaks
December 30, 2012
12:54 EDTCY, GSITITC reviewing 'Initial Determination' in Cypress GSI Tech patent case
Late Friday, Cypress Semiconductor (CY) announced that the International Trade Commission, ITC, has agreed to review the entire Initial Determination issued by Chief Administrative Law Judge Charles E. Bullock in the pending patent case between Cypress and GSI Technology (GSIT). Cypress has asserted that GSI SRAMs infringe multiple Cypress patents. The Commission also remanded the case back to Judge Bullock for a ruling on the validity and the enforceability of Cypress’s patents. After Judge Bullock completes his ruling, the Commission will review his initial findings on non-infringement as well as his rulings on validity and enforceability.
News For CY;GSIT From The Last 14 Days
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August 19, 2014
09:47 EDTGSITGSI Technology receives unsolicited acquisition proposal for $6.50 per share
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09:02 EDTGSITGigOptix offers to acquire GSI Technology for $6.50 per share
GigOptix (GIG) announced that it is proposing to acquire all of the outstanding shares of GSI Technology (GSIT) for per share consideration of $6.50, consisting of (i) $2.00 per share in cash, (ii) GigOptix common stock worth $1.33 based upon the volume-weighted average price of GigOptix’s common stock for the three trading days ending one day prior to the closing of the combination and (iii) a special dividend of $3.17 per share in cash payable by GSI Technology. The offer has a combined value of approximately $6.50 in the aggregate and represents about a 32% premium above the closing price of GSI Technology common stock on August 18, 2014. On a preliminary basis and subject to confirmatory due-diligence, GigOptix believes that the combination, which would have generated approximately $86M in sales based on the reported revenue results over the most recent trailing twelve months for each company, would be immediately accretive on an Adjusted EBITDA basis. GigOptix believes this proposed combination would receive all necessary regulatory approvals and expects that the proposed transaction would be completed in the fourth quarter of calendar 2014. GigOptix is committed to working closely with GSI Technology’s management and its board of directors as they, along with GSI Technology’s shareholders, evaluate this compelling proposal. GigOptix has received a commitment letter from Opus Bank to fully debt finance the cash portion of the consideration paid by GigOptix. A copy of the letter was provided to GSI Technology’s management and board of directors. GigOptix’s proposal is subject to the negotiation of a definitive merger agreement, and receipt of necessary board, stockholder and regulatory approvals, as well as completion of a due diligence review of GSI Technology. GigOptix would also require the approval of its stockholders to increase its available common stock and approve the issuance of shares in connection with the transaction.

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