Cavium (CAVM) Announces Completion of QLogic (QLGC) Acquisition
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Cavium, Inc. (NASDAQ: CAVM) ("Cavium"), a leading provider of semiconductor products that enable intelligent processing for enterprise, data center, cloud, wired and wireless networking, today announced that Cavium had completed its acquisition of QLogic Corp. (NASDAQ: QLGC) ("QLogic"), a leading supplier of high performance networking infrastructure solutions.
After the successful completion of an exchange offer for all outstanding shares of QLogic, a wholly owned subsidiary of Cavium has been merged with QLogic, with QLogic as the surviving corporation and becoming a wholly owned subsidiary of Cavium. At the effective time of the merger, each outstanding share of QLogic common stock (other than shares directly owned by QLogic and its subsidiaries, or Cavium and its subsidiaries) was converted into the right to receive $11.00 per share in cash and 0.098 shares of Cavium common stock, without interest and less any applicable withholding taxes, which is the same price that was paid in the exchange offer. Under Section 251(h) of the General Corporation Law of the State of Delaware, no vote of QLogic's stockholders was required to consummate the merger. QLogic shares will cease to be traded on the NASDAQ Global Select Market.
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