Broadcom to Buy NFC Chipmaker

Announces intention to acquire Innovision Research & Technology

June 18, 2010

2 Min Read

IRVINE, Calif. -- Broadcom Corporation (Nasdaq:BRCM - News), a global leader in semiconductors for wired and wireless communications, today announced its subsidiary, Broadcom International Ltd., has agreed to terms with the board of Innovision Research & Technology PLC, (a company listed on the Alternative Investment Market of the London Stock Exchange: INN), to make an all-cash offer to acquire all of the issued and to be issued shares of Innovision. Innovision is a leader in near-field communication (NFC) technology.

Under the terms of the offer, Innovision shareholders will receive Pounds Sterling 0.35 (approximately $0.52) per share in cash for each Innovision share held, representing a total equity value of approximately $47.5 million based on current exchange rates. This offer represents a 84.2% premium above the closing price of Innovision common stock on June 17, 2010. Broadcom expects to close the acquisition of Innovision in the third quarter of 2010.

The full terms of today's announcement are accessible at http://investor.broadcom.com/rule-2-5disclaimer.cfm.

This press release and the full announcement by Broadcom International Ltd. concerning the offer for the entire issued and to be issued ordinary share capital of Innovision Research & Technology PLC (the "Offer") does not constitute or form part of any offer or invitation to sell or purchase any securities or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, pursuant to the Offer or otherwise. The Offer will be made solely by an offer document and (in the case of certificated holders of Innovision Research & Technology PLC ordinary shares) the accompanying form of acceptance which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted.

Broadcom Corp. (Nasdaq: BRCM)

Innovision Research & Technology plc

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like