SiRF and CSR announce merger



SiRF and CSR announce merger
SiRF and CSR announce merger
GPS semiconductor specialist SiRF Technology Holdings today announced a definitive agreement under which SiRF and CSR plc, a leader in Bluetooth chipset, will merge in a stock-for-stock transaction to create a global leader in connectivity and location platforms. The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close in the second quarter of 2009.

Based on CSR's and SiRF's results for fiscal year 2008, on a pro forma basis, the combined companies would have had sales of approximately $927 million. “The combination will create the single largest pure play provider of integrated connectivity and location platforms and will be one of the top 10 fabless semiconductor companies in the world”, said a statement of the companies.

Under the terms of the agreement, SiRF stockholders will receive 0.741 of a CSR share for each share of SiRF common stock they own. Based on the closing stock price for CSR on February 9, 2009, this consideration would be equivalent to $2.06 of CSR stock for each SiRF share, representing total consideration of $136 million. This represents a premium to SiRF stockholders of approximately 91% over SiRF's closing stock price on February 9, 2009. Upon closing of the transaction, SiRF stockholders are expected to own approximately 27% and CSR shareholders are expected to own approximately 73% of the combined company.

Tuesday, February 10th 2009


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