Notable Mergers and Acquisitions of the Day 4/27: HTV, IDTI, TMO

April 27, 2009 10:06 AM EDT

• Hearst Corporation announced today that it has increased the price per share that it will offer to pay for all of the outstanding shares of Series A Common Stock of Hearst-Argyle Television, Inc. (NYSE: HTV) not already owned by Hearst from $4.00 to $4.50 in cash per share. The increased offer price represents a 12.5% increase over the original proposed offer price of $4.00 per share, a premium of approximately 115% over the closing price of the shares on March 24, 2009, the last full trading day prior to the first public announcement of Hearst's proposed offer, and a premium of approximately 154% above the average closing price of the shares for the 20 trading days immediately preceding March 24.
  
  Hearst's decision to increase the offer price follows discussions between Hearst and the special committee of independent members of the Board of Directors of Hearst-Argyle appointed to review Hearst's offer. Based on those discussions, Hearst expects that the special committee will recommend that the stockholders of Hearst-Argyle accept the tender offer and tender their shares pursuant to the tender offer.
  
  Hearst expects to commence the tender offer within the next several days.
  
  
• IDT (Integrated Device Technology, Inc.) (NASDAQ: IDTI) announced it has submitted a written proposal to acquire Tundra Semiconductor Corporation in an all cash offer at a price of CDN$6.25 per share, or an aggregate purchase price of approximately CDN$120.8 million.
  
  Tundra is presently a party to an agreement (the Gennum Agreement) for Gennum Corporation to acquire Tundra with a mixture of cash and stock. The IDT proposal constitutes a premium of 12%, based on Gennum's 5-day volume weighted average price of CDN$4.59 per share ended April 24. The Tundra board of directors has determined that the IDT proposal is a superior proposal under the Gennum Agreement.
  
  
• Thermo Fisher Scientific Inc. (NYSE: TMO) has entered into an agreement to acquire Biolab, a provider of analytical instruments, life science consumables and laboratory equipment for scientific, environmental and healthcare markets in Australia and New Zealand, for $120 million. The transaction is expected to be completed on April 30, 2009. Biolab is the Scientific and Medical Division of Alesco Corporation Limited.
  
  Biolab has annual revenues of approximately $120 million and will be integrated into Thermo Fisher’s Laboratory Products and Services Segment.

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