By Mark LaPedus, EETimesAugust 08, 2008 SAN JOSE, Calif
. -- Zilog, which is fighting several takeover bids, has apparently given in to one suitor's demands. But Zilog appears to be an independent entity--for now.
The chip maker has entered into a settlement agreement with investment firm Riley Investment Management LLC, thereby resolving all proxy matters and other issues. Riley Investment had been formulating a takeover bid for Zilog, but the firm stopped short of those desires.
Zilog will promptly increase the total number of directors on its board from five to six. It will appoint Eric Singer to join the board. Singer's principal occupation or employment is senior investment analyst at Riley Investment since July 2007.
Riley will abide by certain confidentiality and standstill obligations through the completion of Zilog's 2009 annual meeting, including an agreement not to acquire an aggregate beneficial ownership position of more than 13 percent of Zilog's outstanding common stock. The Riley entities and their clients currently own approximately 1,433,055 shares of Zilog common stock, representing approximately 8.5 percent of Zilog's outstanding shares.
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