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January 25, 2013
11:58 EDTPLXTPotomac Capital reports 5.1% stake in PLX Technology, urges alternatives
On January 25, Potomac Capital delivered a letter to the Board of Directors of PLX Technology. In the letter, the Potomac stated their belief that the Board and management of PLX should immediately commence a process of a thorough review of all strategic alternatives available to PLX and that it should not remain an independent public company. Potomac noted that during the “go-shop” period of the now abandoned transaction with Integrated Device Technology, Inc., there had been market interest in the possible acquisition of PLX and an interested party had submitted a formal competing offer for an all cash acquisition of PLX. The letter concluded that as a result of the recent divestiture of unprofitable non-core businesses and $20M annual operating expense reduction, PLX represents an even more attractive acquisition target today and, therefore, shareholder value can be maximized only through a robust exploration and evaluation of all available strategic options and value-maximizing opportunities.
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