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© pengyou93 dreamstime.com Business | September 09, 2014

GSI Technology rejects GigOptix acquisition proposal

GSI Technology's Board of Directors, in consultation with its financial and legal advisors, unanimously determined to reject GigOptix's proposal to acquire the company.
GSI Technology communicated its response to GigOptix in a letter from Lee-Lean Shu, its Chairman and Chief Executive Officer, to Avi Katz, GigOptix's Chairman, Chief Executive Officer and President. The full text of Mr. Shu's letter follows:

Dear Dr. Katz:

Our Board of Directors has reviewed your letter of August 18, 2014 outlining a non-binding and conditional proposal to acquire all of the outstanding shares of GSI Technology, Inc. common stock for per share consideration of $6.50 per share, consisting of a combination of GigOptix common stock and cash (including $3.17 per share of GSI Technology's own cash paid as a special dividend).

After carefully and thoroughly reviewing your proposal, in consultation with its financial advisors, Robert W. Baird & Co. Incorporated, and legal advisors, DLA Piper LLP (US), our Board has unanimously concluded that pursuing your unsolicited proposal would be contrary to the best interests of our stockholders. The Board strongly believes that GSI Technology's prospects as a strong independent company are excellent and that our goal of continuing to build long-term stockholder value will be best served by remaining focused on the execution of our business plan.

Yours truly,
Lee-Lean Shu
Chairman and Chief Executive Officer

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