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Gennum Not to Match Competing Offer for Tundra
Burlington, Ontario - April 30, 2009 – Gennum Corporation (TSX: GND) (“Gennum”) today announced that it had provided notice to Tundra Semiconductor Corporation (“Tundra”) that it does not wish to exercise its right to match the competing offer by Integrated Device Technology, Inc. (“IDT”), pursuant to the previously announced arrangement agreement (as amended, the “Arrangement Agreement”) between Gennum and Tundra.
On April 27, 2009, Tundra announced that if Gennum does not offer to amend the terms of the Arrangement Agreement within the matching period under the Arrangement Agreement, Tundra is permitted to terminate the Arrangement Agreement and contemporaneously enter into the arrangement agreement submitted by IDT, subject to compliance with the Arrangement Agreement including the payment of a Cdn$5.0 million termination fee to Gennum. “After careful and thoughtful consideration, we believe our latest proposal to acquire Tundra represents our best assessment of the value it could bring to Gennum. Therefore, we believe that it is in the best interests of Gennum shareholders, customers, employees and other stakeholders to not further pursue this opportunity,” said Dr. Franz Fink, President and CEO of Gennum Corporation. “We have a talented team in place and a compelling growth plan to accelerate our business through innovative new products and IP. With our strong financial foundation, we are continuing to aggressively explore all potential opportunities that will accelerate our growth and further strengthen our company. We remain committed to our long-term strategy and are making excellent progress towards achieving our goals.”
About Gennum
Gennum Corporation designs innovative semiconductor solutions and intellectual property (IP) cores for the world’s most advanced consumer connectivity, enterprise, video broadcast and data communications products. Leveraging the company’s proven optical, analog and mixed-signal products and IP, Gennum enables multimedia and data communications products to send and receive information without compromising the signal integrity. An award winner for advances in high definition (HD) broadcasting, Gennum is headquartered in Burlington, Canada, and has global design, research and development and sales offices in Canada, Mexico, Japan, Korea, Germany, United States, Taiwan, India and the United Kingdom. www.Gennum.com.
On April 27, 2009, Tundra announced that if Gennum does not offer to amend the terms of the Arrangement Agreement within the matching period under the Arrangement Agreement, Tundra is permitted to terminate the Arrangement Agreement and contemporaneously enter into the arrangement agreement submitted by IDT, subject to compliance with the Arrangement Agreement including the payment of a Cdn$5.0 million termination fee to Gennum. “After careful and thoughtful consideration, we believe our latest proposal to acquire Tundra represents our best assessment of the value it could bring to Gennum. Therefore, we believe that it is in the best interests of Gennum shareholders, customers, employees and other stakeholders to not further pursue this opportunity,” said Dr. Franz Fink, President and CEO of Gennum Corporation. “We have a talented team in place and a compelling growth plan to accelerate our business through innovative new products and IP. With our strong financial foundation, we are continuing to aggressively explore all potential opportunities that will accelerate our growth and further strengthen our company. We remain committed to our long-term strategy and are making excellent progress towards achieving our goals.”
About Gennum
Gennum Corporation designs innovative semiconductor solutions and intellectual property (IP) cores for the world’s most advanced consumer connectivity, enterprise, video broadcast and data communications products. Leveraging the company’s proven optical, analog and mixed-signal products and IP, Gennum enables multimedia and data communications products to send and receive information without compromising the signal integrity. An award winner for advances in high definition (HD) broadcasting, Gennum is headquartered in Burlington, Canada, and has global design, research and development and sales offices in Canada, Mexico, Japan, Korea, Germany, United States, Taiwan, India and the United Kingdom. www.Gennum.com.
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