View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
March 29, 2010

Microsemi to acquire White Electronic Designs for $100m

To expand in the defense and aerospace markets

By CBR Staff Writer

Chip maker Microsemi said that it has agreed to acquire White Electronic Designs through a cash tender offer at $7.00 per share for a net transaction value of approximately $100m, net of White Electronic’s projected cash balance.

White Electronic offers multi-chip semiconductor packages, memory devices, and build-to-print electromechanical assemblies for defense and aerospace applications.

Upon completion of the offer, all shares not tendered in the tender offer will be converted into the right to receive $7.00 per share in cash.

The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of White Electronic’s common stock on a modified fully diluted basis and regulatory approvals, and is expected to close in Microsemi’s fiscal third quarter, ended June 27, 2010.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Microsemi said that the proposed transaction does not require the approval of its shareholders and terms of the agreement were approved by the boards of directors of both the companies.

Microsemi expects that there will be significant cost synergies from the transaction and that will enable it to drive gross profit levels to its own corporate target by fourth fiscal quarter, ended October 3, 2010. It further expects the acquisition to be $0.08 to $0.12 accretive in its full fiscal year 2011.

James Peterson, president and chief executive officer of Microsemi, said: The combination of Microsemi’s and White Electronic’s product portfolios further extends Microsemi’s integrated solution offering in the Defense and Aerospace markets with superior technology and capability. White Electronic’s chip level hardware solutions delay or obfuscate chip level attacks and mitigate reverse engineering and IP theft.

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 New Statesman Media Group 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.