Sipex/Exar Merger on Track; Receives Regulatory Approval

Includes: EXR, SIPX
by: Merger Arbitrage Investing

Exar (NYSE:EXR) and Sipex (SIPX) received early termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act for their merger that was announced in early May of 2007.

According to the companies, the merger is still on track to be completed in the third quarter of this year.

Also, Exar said that they have filed a registration statement containing a proxy statement and prospectus with additional information about the merger, where Sipex stockholders will receive 0.6679 of a share of Exar for each share of Sipex.

Exar stockholders will own approximately 67.6% and Sipex stockholders will own approximately 32.4% of Exar once the merger is completed.