Montage accepts $22.60/share buyout offer

Montage (MONT +8.7%) has agreed to be acquired by state-owned firm PDSTI for  $22.60/share in cash, or $693M.

The deal, still subject to shareholder vote, values Montage at 6.2x 2013 sales. The chipmaker currently trades 5% below PDSTI's offer price.

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