Virage Logic Revokes Proposal to Acquire LogicVision
The text of the letter that was sent to LogicVision's Board of Directors follows:
December 17, 2008
Board of Directors
LogicVision, Inc.
25 Metro Drive, Third Floor
San Jose, CA 95110
Dear Sirs:
As you know, it has been two weeks since our formal letter to you on December 2nd and over a month since our initial communication to you on November 10th regarding a potential acquisition of LogicVision, Inc. ("LogicVision") by Virage Logic Corporation ("Virage"). When submitted on December 2nd, our offer of $1.05 per share represented a premium of 114% to the closing price for LogicVision's stock as of December 1, 2008. Our willingness to offer such a premium reflected our belief in the significant value an acquisition of LogicVision would bring to Virage Logic. It appears, however, that you have no serious interest in engaging in discussions with us regarding our proposal, despite the obvious benefit to LogicVision's stockholders. The decision by the LogicVision Board of Directors to adopt a stockholders' rights plan is a further indication that you are not willing to submit our proposal to LogicVision's stockholders.
To date we have invested considerable time and resources in evaluating the prospective benefits and risks of an acquisition of LogicVision. We are no longer willing to continue to do so given the lack of any significant progress to date in advancing to substantive discussions. Accordingly, we are withdrawing our prior offer to acquire LogicVision at $1.05 per share. We continue to believe that our offer provided your stockholders with full and fair value for their shares, and you have unfortunately foreclosed the ability of your stockholders to realize this value.
Sincerely yours,
VIRAGE LOGIC CORPORATION
/s/J. Daniel McCranie
J. Daniel McCranie
Executive Chairman
cc: Alex Shubat
About Virage Logic
Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company's highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded test and repair, logic libraries, memory development software, and DDR memory controller subsystems. As the industry's trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume. For further information, visit www.viragelogic.com.
|
Related News
- Virage Logic Declares Offer to Acquire ARC International Unconditional in All Respects
- Virage Logic Announces Level of Acceptances and Extension of the Offer to Acquire Arc International
- Virage Logic Announces Intent to Acquire ARC International
- LogicVision Board of Directors Responds to Unsolicited Proposal From Virage Logic Corporation
- Virage Logic Proposes to Acquire LogicVision for $1.05 Per Share in Cash
Breaking News
- Keysight, Synopsys, and Ansys Deliver Radio Frequency Design Migration Flow to TSMC's N6RF+ Process Node
- Siemens collaborates with TSMC on design tool certifications for the foundry's newest processes and other enablement milestones
- Leveraging Cryogenics and Photonics for Quantum Computing
- Kalray Joins Arm Total Design, Extending Collaboration with Arm on Accelerated AI Processing
- Credo at TSMC 2024 North America Technology Symposium
Most Popular
- Huawei Mate 60 Pro processor made on SMIC 7nm N+2 process
- Silicon Creations Reaches Milestone of 10 Million Wafers in Production with TSMC
- GUC provides 3DIC ASIC total service package to AI/HPC/Networking customers
- Analog Bits to Demonstrate Numerous Test Chips Including Portfolio of Power Management and Embedded Clocking and High Accuracy Sensor IP in TSMC N3P Process at TSMC 2024 North America Technology Symposium
- Alphawave Semi: FY 2023 and 2024 YTD Trading Update and Notice of Results
E-mail This Article | Printer-Friendly Page |