Exar to buy Integrated Memory Logic

Under the terms of the transaction, Exar's subsidiary will commence a tender offer to acquire all of the outstanding shares of iML for NTD 91.00 (approximately USD 3.00) per iML share in cash and acquire any remaining shares at NTD 91.00 per share pursuant to a follow-on merger. The gross transaction value will be NTD 6.8 billion (approximately USD 223 million), or NTD 3.1 billion (approximately USD 94 million), net of cash acquired. The transaction, which is expected to close in the second quarter of fiscal 2015. "The acquisition of iML will increase the diversity of the markets we serve and add highly differentiated analog mixed-signal and power management products to our portfolio. iML is a leading provider of power management and color calibration solutions for large and medium-sized flat panel displays in the LED television market as well as high-resolution tablets. The company serves customers in Korea, Taiwan, Japan and China, which will enhance Exar's existing presence in these markets. Additionally, iML has demonstrated consistent profitability and gross margins that reflect the value of the company's differentiated products," said Louis DiNardo, Exar President and CEO.