IDT, Tundra Semiconductor sign definitive acquisition agreement

SAN JOSE, USA & and OTTAWA, CANADA: IDT (Integrated Device Technology Inc.), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, and Tundra (Tundra Semiconductor Corp.), a leader in system interconnect, announced the two companies have entered into a definitive acquisition agreement, pursuant to which IDT will acquire Tundra for CDN$6.25 per share, for an aggregate purchase price of approximately CDN$120.8 million.

"IDT is excited about the proposed acquisition of Tundra. We look forward to better serving our customers by utilizing the Tundra core strengths in serial switching and bridging using PCI Express, Rapid IO and VME, with the existing IDT mixed signal product portfolio," said Dr. Ted Tewksbury, president and CEO at IDT. "We believe the result of this transaction will provide our customers with a broader product offering as well as improved service, support and future roadmap of serial connectivity innovations. This transaction reflects our commitment to extending our technology leadership in the communications end market, which is particularly critical in the current challenging economic environment."

"Tundra is excited to bring this opportunity to shareholders and customers," said Daniel Hoste, President and Chief Executive Officer of Tundra. "We believe that the combined technology innovation capability of the two companies will allow our customers better service, products, and support with their increasingly complex communications solutions."