Virage Logic (VIRL) Withdraws Offer to Acquire LogicVision (LGVN)
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Virage Logic Corporation (NASDAQ: VIRL) today announced that earlier today the company sent a letter to the Board of Directors of LogicVision, Inc. (NASDAQ: LGVN) to inform them that Virage Logic is revoking its proposal to acquire the company for $1.05 per share in cash. The proposal, made public on December 3, 2008, offered a premium of 114% to LogicVision’s closing price of $0.49 on December 1, 2008, and valued LogicVision at approximately $10.0 million.
Virage Logic Corporation is a provider of semiconductor intellectual property (IP) for the design of complex integrated circuits.
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