Silicon Image, Inc.NASDAQ
Jan. 27, 2015, 7:45 AM
- Lattice Semiconductor (NASDAQ:LSCC) agrees to acquire Silicon Image (NASDAQ:SIMG) for $7.30/share, representing an equity value of ~$600M and a 23.7% premium to SIMG's closing price on Jan. 26.
- LSCC believes the deal will expand its opportunities in consumer, communications and industrial markets, and expects $32M in synergies that are expected to be immediately accretive to earnings.
- LSCC says it has received a $350M financing commitment from Jefferies to help pay for the deal.
- SIMG +22.3% premarket.
Jan. 9, 2015, 4:05 PM
- Reuters reports Silicon Image (NASDAQ:SIMG) has hired Barclays to explore strategic alternatives, including a potential sale.
- The report comes a month after SIMG crashed in response to weak 2015 guidance, three weeks after activist Engaged Capital called on the company to buy back shares and cut costs, and four days after it announced it's cutting 45 jobs as part of a restructuring meant to bring about a 13% 2015 drop in opex.
- Plenty of chipmakers have been acquired or have merged over the last 15 months, thanks to an industry consolidation wave.