Intel Corp and its acquisition interest Chips & Technologies Inc have reached an agreement, in principle, to settle class action litigation brought against them by Chips shareholders, following the announcement of Intel’s planned acquisition of the company for $420m (CI No 3,213). The settlement calls for Chips & Technologies to disclose more information in a Securities and Exchange Commission filing, which will be made available to its shareholders. The Federal Trade Commission recently requested more information about the deal (CI No 3,236). The settlement requests that the two companies change their original agreement to see an extension to November 30, after which the companies can pull out. The settlement also recommends that if Chips and Technologies decides to terminate the proposed purchase plans, it will pay Intel $7.5m, instead of $15m.
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