Microchip to buy Taiwan's ISSC Technologies
By Reuters
May 22, 2014 08:41 AM EDT
Regions
(Reuters) - Microchip Technology Inc said it would acquire Taiwan's ISSC Technologies Corp, which provides low-powered bluetooth technology for the Internet of Things, in a deal that values the company at about $328.5 million.
The offer of $4.74 per share, or T$143, is at a premium of 16.7 percent to ISASC's Wednesday close of $122.50.
After deducting ISSC's cash balance of $34.2 million, the deal is valued at $294.3 million.
(Reporting By Lehar Maan in Bangalore)
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