View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Data
November 12, 2009

Silicon Storage to be acquired for $2.10 per share

Expects transaction to close in second quarter of 2010

By CBR Staff Writer

Silicon Storage Technology (SST) said that it has entered into a definitive merger agreement to be acquired by Technology Resource Holdings, a Prophet Equity-controlled entity, as well as by members of SST’s management team.

Under the agreement, Prophet Equity will acquire all of the outstanding common stock of the company for $2.10 per share, except for shares held by Bing Yeh, SST’s chairman and chief executive officer, and Yaw Wen Hu, SST’s executive vice president and chief operating officer and member of the board of directors, who have agreed to exchange all of their shares of SST common stock for shares of capital stock of the resulting privately held company.

The agreement contains a go-shop provision under which the Strategic Committee, with the assistance of its independent advisors, has the right to solicit proposals or offers with respect to, or that would reasonably be expected to lead to, an acquisition proposal from a third party for a 45 day period beginning on November 13, 2009. 

SST does not intend to disclose any developments with respect to this solicitation process unless or until the Strategic Committee has made a decision with respect to any proposals or offers it may receive.

Bing Yeh, co-Founder and chief executive officer of SST, said: We believe that this transaction provides the greatest likelihood of achieving the highest value for the company’s shareholders, and that this is also in the best interest of our customers, partners and employees.

“We believe the added flexibility of being a private company will help us to focus on delivering innovative memory and non-memory solutions to our customers and supporting their needs with the highest levels of service that they have come to expect.

The transaction, which is expected to close in the second quarter of 2010, is subject to regulatory approvals and approval of the agreement by the holders of a majority of the company’s outstanding common stock represented and voting at a special meeting to be held to approve the transaction, excluding Bing Yeh and Yaw Wen Hu, and the holders of a majority of the company’s outstanding common stock, and other customary closing conditions.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.