Broadcom, a provider of semiconductors for wired and wireless communications, said that its subsidiary, Broadcom International has agreed to acquire Innovision Research & Technology, a provider of near-field communication technology, in an all-cash transaction.
Under the terms of the offer, Innovision shareholders will receive £0.35 (approximately $0.52) per share in cash for each Innovision share held, representing a total equity value of approximately $47.5m based on current exchange rates.
The 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.
