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Stock Market & Financial Investment News

News Breaks
January 9, 2013
16:38 EDTGIGGigOptix reduces global workforce by 10% and reduces salaries
GigOptix has taken actions which became effective today to adjust overall spending. These actions include reducing the company’s global workforce by about 10%, primarily in the company’s support and administrative functions, and company-wide salary reductions ranging between 5%-25% based on an individual’s salary level. These actions are expected to result in approximately $450K of quarterly cost savings once the plan is fully implemented.
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August 19, 2014
09:02 EDTGIGGigOptix 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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