It appears that VLSI Technology Inc is indeed open to the idea of an acquisition by Philips Electronics NV, even though the company’s board unanimously rejected the Dutch giant’s unsolicited takeover bid last week. VLSI has sent a letter to Philips’ management requesting a meeting to discuss a possible business combination, according to a Wall Street Journal report.
At the time of its rejection of the existing $17-a-share offer from Philips, VLSI said it would be looking into other possible deals but added that it might consider a revised offer from Philips. A spokesperson for Philips told the newspaper that VLSI is currently involved in preliminary discussions with other suitors but confirmed that it has also requested a meeting with Philips to see if a new deal can be reached.
