Virage Logic Revokes Proposal to Acquire LogicVision
The text of the letter that was sent to LogicVision's Board of Directors follows:
December 17, 2008
Board of Directors
LogicVision, Inc.
25 Metro Drive, Third Floor
San Jose, CA 95110
Dear Sirs:
As you know, it has been two weeks since our formal letter to you on December 2nd and over a month since our initial communication to you on November 10th regarding a potential acquisition of LogicVision, Inc. ("LogicVision") by Virage Logic Corporation ("Virage"). When submitted on December 2nd, our offer of $1.05 per share represented a premium of 114% to the closing price for LogicVision's stock as of December 1, 2008. Our willingness to offer such a premium reflected our belief in the significant value an acquisition of LogicVision would bring to Virage Logic. It appears, however, that you have no serious interest in engaging in discussions with us regarding our proposal, despite the obvious benefit to LogicVision's stockholders. The decision by the LogicVision Board of Directors to adopt a stockholders' rights plan is a further indication that you are not willing to submit our proposal to LogicVision's stockholders.
To date we have invested considerable time and resources in evaluating the prospective benefits and risks of an acquisition of LogicVision. We are no longer willing to continue to do so given the lack of any significant progress to date in advancing to substantive discussions. Accordingly, we are withdrawing our prior offer to acquire LogicVision at $1.05 per share. We continue to believe that our offer provided your stockholders with full and fair value for their shares, and you have unfortunately foreclosed the ability of your stockholders to realize this value.
Sincerely yours,
VIRAGE LOGIC CORPORATION
/s/J. Daniel McCranie
J. Daniel McCranie
Executive Chairman
cc: Alex Shubat
About Virage Logic
Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company's highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded test and repair, logic libraries, memory development software, and DDR memory controller subsystems. As the industry's trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume. For further information, visit www.viragelogic.com.
|
Related News
- Virage Logic Declares Offer to Acquire ARC International Unconditional in All Respects
- Virage Logic Announces Level of Acceptances and Extension of the Offer to Acquire Arc International
- Virage Logic Announces Intent to Acquire ARC International
- LogicVision Board of Directors Responds to Unsolicited Proposal From Virage Logic Corporation
- Virage Logic Proposes to Acquire LogicVision for $1.05 Per Share in Cash
Breaking News
- Logic Design Solutions launches Gen4 NVMe host IP
- ULYSS1, Microcontroller (MCU) for Automotive market, designed by Cortus is available
- M31 is partnering with Taiwan Cooperative Bank to launch an Employee Stock Ownership Trust to strengthen talent retention
- Sondrel announces CEO transition to lead next phase of growth
- JEDEC Publishes LPDDR5 CAMM2 Connector Performance Standard
Most Popular
- Arm's power play will backfire
- Alphawave Semi Selected for AI Innovation Research Grant from UK Government's Advanced Research + Invention Agency
- Secure-IC obtains the first worldwide CAVP Certification of Post-Quantum Cryptography algorithms, tested by SERMA Safety & Security
- Weebit Nano continuing to make progress with potential customers and qualifying its technology Moving closer to finalisation of licensing agreements Q1 FY25 Quarterly Activities Report
- PUFsecurity Collaborate with Arm on PSA Certified RoT Component Level 3 Certification for its Crypto Coprocessor to Provide Robust Security Subsystem Essential for the AIoT era
E-mail This Article | Printer-Friendly Page |