Pericom Rejects Revised Offer From Montage Tech., Reaffirms Deal With Diode

(RTTNews) - Pericom Semiconductor Corp. (PSEM) Monday announced the rejection of the unsolicited revised acquisition offer from Montage Technology Group Ltd. on September 30, 2015. Further, its Board has unanimously reaffirmed its recommendation in support of the Merger Agreement with Diodes.

Pericom noted that Montage's revised offer is inferior to the transactions contemplated by its previously announced Merger Agreement with Diodes Inc. (DIOD) and is not in the best interests of its shareholders.

In its rejection note, Pericom said Montage has failed to provide the requisite evidence of its ability to secure committed financing that would give the Pericom Board confidence in Montage's ability to close a transaction. Further, it said Barclays, has not agreed to provide financing to Montage for the proposed transaction.

According to Pericom, acquisition by Diodes is expected to close shortly following shareholder approval since no regulatory approvals are required to consummate the transaction.