Philips Closes VLSI Tender Offer

In a release today, Royal Philips Electronics (Eindhoven, The Netherlands) has announced the expiration of its $21.00 per share cash tender offer for all outstanding shares of VLSI Technology (San Jose, CA). The offer expired at midnight Eastern Standard Time on Tuesday June 1.

In excess of 42.1 million shares were tendered in the offer prior to its expiration, which when combined with the VLSI shares already owned by Philips constitutes approximately 91.5% of VLSI's outstanding shares. The shares tendered include approximately 2.1 million shares tendered pursuant to Notices of Guaranteed Delivery.

Today's announcement closes the book on a three-month roller coaster ride between Philips and VLSI, which included lawsuits, reviews, and revised offers. Now that the acquisition is complete, VLSI will become a wholly owned subsidiary of Philips.