Integrated Device Tech. (IDTI) 'Go Shop' Period Ends; No Higher Bids Received
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Integrated Device Technology, Inc. (Nasdaq: IDTI), announced the expiration of the “go-shop” period pursuant to the terms of the previously announced merger agreement with PLX Technology, Inc. (“PLX”), dated April 30, 2012, which contemplates the exchange offer for all outstanding shares of PLX common stock, followed by a second step merger.
Pursuant to the “go-shop” provisions of the merger agreement, PLX and its representatives were permitted to actively solicit alternative acquisition proposals for a period of 30 calendar days, which expired at 11:59 p.m. California time on May 30, 2012, and to continue negotiations with certain qualifying “excluded parties” for up to an additional 15 days thereafter. On May 31, 2012, PLX confirmed that it did not receive any superior acquisition proposals during the “go shop” period and that no qualifying “excluded party” would be permitted to engage in any subsequent negotiations.
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Pursuant to the “go-shop” provisions of the merger agreement, PLX and its representatives were permitted to actively solicit alternative acquisition proposals for a period of 30 calendar days, which expired at 11:59 p.m. California time on May 30, 2012, and to continue negotiations with certain qualifying “excluded parties” for up to an additional 15 days thereafter. On May 31, 2012, PLX confirmed that it did not receive any superior acquisition proposals during the “go shop” period and that no qualifying “excluded party” would be permitted to engage in any subsequent negotiations.
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