Mindspeed Technologies To Be Acquired By M/A-COM - Quick Facts

(RTTNews) - Mindspeed Technologies (MSPD) Tuesday announced agreement to be acquired by M/A-COM Technology Solutions Holdings, Inc. (MTSI), for approximately $272 million or $5.05 per share.

In connection with transaction, MACOM will commence a tender offer to purchase each outstanding common share of Mindspeed for $5.05 in cash, without interest. The tender offer represents a premium of approximately 66 percent to the close of $3.04 on November 4.

MACOM will also assume certain equity awards held by Mindspeed employees. The acquisition is expected to be accretive to MACOM's adjusted earnings per share between $0.15 and $0.20 in fiscal 2014 and between $0.25 and $0.30 in fiscal 2015.

"Together we will have the scale and resources to deliver innovative technologies to our customers and drive growth, with a larger portfolio of products and a global sales force," said Raouf Halim, Mindspeed's CEO.

The boards of both companies have approved the transaction, which is subject to customary closing conditions and regulatory approvals. Mindspeed currently expects the transaction to close by the end of calendar year 2013.