Saturday, February 26, 2011

International Rectifier Acquires CHiL Semiconductor

EL SEGUNDO, Calif.--(BUSINESS WIRE)--International Rectifier Corporation (IR) (NYSE:IRF) announced today that it has signed a definitive agreement to acquire privately held CHiL Semiconductor Corporation (CHiL) for $75 million in cash, subject to working capital adjustments. The acquisition expands IR’s technology by adding a leading digital power management platform that improves energy efficiency in a wide variety of applications, including computing systems, graphics, servers and gaming.

CHiL uses patented digital techniques in combination with mixed signal technology to deliver high performance multi-phase power solutions that save energy. The open architecture approach to digital control, where customers can tailor power systems for cost and performance goals, enables significant board space and bill-of-materials reduction, integrating many analog features into the digital core of the technology.

“The addition of CHiL’s technology and expertise to our broad portfolio of industry leading products such as DirectFET™, PowIRstage™ and SupIRBuck™, offers IR’s customers a unique value proposition by providing a high performance, cost effective, complete end-to-end integrated solution,” stated Tim Phillips, Vice President and General Manager, Enterprise Power Business Unit of IR. “Digital power management is entering a rapid adoption phase and the addition of CHiL’s technology strengthens IR’s market position to capitalize on this growth opportunity.

“The acquisition is the next logical step after our successful strategic product relationship with CHiL during the past year and will augment IR’s talent base by adding an experienced digital power design and applications engineering team,” concluded Mr. Phillips.

“The increased focus on energy efficient products over the next decade is expected to drive an expanding use of digital power management in applications such as DC-DC converters, AC-DC converters, lighting, inverters and Class-D audio systems,” stated Vishwas Karve, Vice President, Strategy and Business Development of IR. “The acquisition of CHiL expands IR’s presence immediately in the high performance computing and graphics segments, over the medium-term in the server, storage and notebook end markets and longer-term across the Company’s other vertical end market segments including Energy-Savings Products, Automotive Products and HiRel business units.”

“IR’s focus on power management solutions and energy efficiency make it an ideal partner for our customers and employees,” stated Ram Sudireddy, Chief Executive Officer of CHiL Semiconductor. “As digital power management continues to expand, the combined technology of IR and CHiL can create a higher performance and lower cost solution enabling end users to create more energy efficient solutions. To date, CHiL has secured a significant number of design-wins across a wide spectrum of graphics, high performance computing and server platforms that IR can help grow.”

The transaction is expected to close in the first calendar quarter of 2011. The acquisition, which initially adds approximately $3 million of additional operating expenses per quarter, is expected to be accretive to IR’s earnings per share in the company’s 2012 fiscal year.

About International Rectifier
International Rectifier Corporation (NYSE:IRF) is a world leader in power management technology. IR’s analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR’s power management solutions to power their next generation products. For more information, go to

About CHiL Semiconductor
CHiL Semiconductor Corporation develops high-performance, mixed-signal power management integrated circuits primarily targeted at servers, personal computers and other high-volume computing market segments. CHiL Semiconductor’s devices tightly integrate digital technology, precisely monitoring and controlling the power management process. Providing unique, intelligent features, CHiL devices yield significant system power efficiency and performance gains, while reducing system design and complexity. For more information, please visit

Wednesday, February 23, 2011

Conexant agrees to be acquired by Golden Gate Capital

NEWPORT BEACH, Calif., Feb. 23, 2011 — Conexant Systems, Inc. (NASDAQ: CNXT), a leading supplier of innovative semiconductor solutions for imaging, audio, embedded modem, and video surveillance applications, today announced the signing of a definitive merger agreement with Gold Holdings, Inc., an affiliate of Golden Gate Capital, under which Gold Holdings, Inc. has agreed to purchase all of the outstanding shares of Conexant common stock at a price of $2.40 per share in cash. The transaction is expected to close in the second quarter of calendar 2011 subject to the satisfaction of regulatory requirements, approval by Conexant stockholders and other customary closing conditions.
Conexant also announced that it has terminated its previously announced agreement with Standard Microsystems Corporation (NASDAQ: SMSC) and paid to Standard Microsystems Corporation the $7.7 million termination fee provided for under that agreement.

About Conexant
Conexant’s portfolio of innovative semiconductor solutions includes products for imaging, audio, embedded modem, and video surveillance applications. Conexant is a fabless semiconductor company headquartered in Newport Beach, Calif. To learn more, please visit

Tuesday, February 22, 2011

Carl Ichan kicks-off bidding on Mentor Graphics at $17/share

From SEC Proxy filing:

767 Fifth Avenue, 47th Floor
New York, New York 10153

February 22, 2011

Via Federal Express and Fax

Board of Directors
Mentor Graphics Corporation
8005 S.W. Boeckman Road
Wilsonville, OR 97070-7777 


I hereby offer to have one or more of my affiliated entities purchase Mentor Graphics in a transaction, the form of which will be determined, designed to yield its shareholders $17 per share net in cash. That price represents an approximate premium of about 40% above the price at the beginning of January 2011. This offer is conditioned on completion of cursory due diligence, and the redemption and waiver of anti-takeover devices and laws such as the poison pill. There will be no financing conditions. Furthermore, we will not insist upon providing for a break-up fee in the transaction so as not to provide a roadblock to others who may want to consider bidding higher than our bid. As we have told you, we believe that there are potential strategic bidders for Mentor Graphics whose bid will reflect inherent synergies and should be superior to our $17 offer. However, in any event, we believe that our fellow shareholders should have the opportunity to accept our offer or a higher one, if one emerges as we think it will.


Carl C. Icahn

Monday, February 21, 2011

CSR to acquire Zoran

CSR PLC and Zoran Corporation NASDAQ: ZRAN) have entered into a merger agreement (the “Merger Agreement”) under which Zoran will merge with CSR (the “Merger”) for an equity value equivalent to approximately US$679 million* (the “Transaction Value”). Under the terms of the Merger Agreement, it is proposed that Zoran shareholders will receive 1.85 ordinary shares of CSR in the form of American Depositary Shares (each an “ADS”), , for each share of Zoran common stock held. In addition, CSR announces that it intends to return up to US$240 million to shareholders via an on-market share buyback programme (the “Share Buyback”).

CSR is a global leader in wireless connectivity and location. Zoran provides market-leading imaging and video technology for digital camera, home entertainment and multifunction printer products. In 2010, Zoran had total pro forma revenues of $441 million.
Strategic rationaleThe merged company will provide differentiated, integrated technology that addresses the rapidly growing market for connected, location-aware multimedia devices including handsets, digital cameras and home entertainment equipment. Combining the two highly complementary technology portfolios is designed to uniquely position the merged company to deliver advanced platforms to capture and stream media-rich content. This will strengthen the ability of the combined customer base to provide differentiated products to the end consumer.

Transaction overviewZoran shareholders will receive ADSs representing the equivalent of 1.85 ordinary shares of CSR for each share of Zoran common stock held, which, as at close on 18 February 2011 represents a value of US$13.03 per share of Zoran common stock or a total consideration of approximately US$679 million. In addition, CSR plans to buy back up to US$240 million of CSR’s ordinary shares during the next 12 months via an on-market buyback programme. The Share Buyback is intended to achieve an overall financial impact on CSR broadly equivalent to a transaction structured with approximately 65% stock and 35% cash. The Share Buyback, which will replace the US$50 million programme announced on 13 September 2010, of which approximately US$37 million has been expended, is expected to commence as soon as practicable following this announcement.

The other key aspects of the transaction are:
  • The implied offer price represents a premium of approximately 39.9% to the closing price of each share of Zoran common stock of US$9.32 on 18 February 2011, the last Business Day before this announcement, and a premium of approximately 44.0% to the average closing price of shares of Zoran common stock over the past twelve months;
  • Net of Zoran’s cash balance of US$261 million as at 31 December 2010, the Transaction Value implies an enterprise value of US$418 million;
  • Following completion, Zoran shareholders will own approximately 35% of the enlarged CSR group on a fully diluted basis as of 18 February 2011; ordinary shares of CSR will be issued to Zoran shareholders through a new sponsored American Depositary Shares (“ADS”) programme and application will be made to have the ADSs admitted to trading on the NASDAQ Stock Market.

CSR’s Chairman, CEO and CFO will lead the merged company. Dr. Levy Gerzberg, Co-Founder, President, CEO and Director of Zoran will be joining the CSR board as a Non-Executive Director. Zoran will also propose one additional independent Non-Executive Director to join the CSR Board.

Completion is expected in the second quarter of 2011 and is subject to CSR and Zoran shareholders and regulatory approvals and other customary closing conditions.

Monday, February 14, 2011

InVisage Secures Series C Venture Funding led by Intel

MENLO PARK, CA and BARCELONA, SPAIN--(Marketwire - February 14, 2011) - Mobile World Congress -- InVisage Technologies, Inc. -- a Silicon Valley-based start-up that is revolutionizing the image sensor market -- today announced that it has received its series C round of venture funding, led by Intel Capital. The undisclosed amount will be used to bring the company's breakthroughQuantumFilm™ technology and products into mass production. Intel Capital joins InVisage's existing investors RockPort Capital, InterWest Partners, OnPoint Technologies and Charles River Ventures.

"Image sensors for smart phones and handheld devices are a huge market opportunity and InVisage is well positioned to capture significant market share," says Dave Flanagan, managing director, Intel Capital. "InVisage is the first company in a while to think differently about image sensors and we are confident that its products will lead the imaging market on a new vector of innovation."

"The image sensor industry as a whole has focused entirely on increasing the number of pixels and has failed to see the big picture. As a result, there has been a lack of new ideas in the market for some time," says Jess Lee, CEO, InVisage Technologies. "InVisage's QuantumFilm technology will bring stunning image quality and advanced new features to an industry that is desperate for true innovation."

QuantumFilm was developed by InVisage after years of research at the University of Toronto and at InVisage. The technology is based on quantum dots -- semiconductors with unique light-capture properties. QuantumFilm works by capturing an imprint of a light image, and then employing the silicon beneath it to read out the image and turn it into versatile digital signals. InVisage spent three years engineering the quantum dot material to produce highly-sensitive image sensors that integrate with standard CMOS manufacturing processes. The first application of QuantumFilm will enable high performance in tiny form factors, breaking silicon's inherent performance-resolution tradeoff.

Initially targeting cameraphone applications, which is the largest and fastest growing portion of the image sensor market, InVisage Technologies' QuantumFilm will be sampling by summer, and could be in devices early next year. More information on QuantumFilm and InVisage Technologies is available at

About InVisage Technologies, Inc.

InVisage Technologies, Inc. is a venture-backed fabless semiconductor company based in Menlo Park, Calif. that is developing QuantumFilm, a breakthrough imaging-sensing technology that will replace silicon. Its first product enables high-fidelity, high resolution images from handheld devices like camera phones and digital cameras. Founded in 2006, InVisage Technologies is venture funded by Intel Capital, RockPort Capital, InterWest Partners, OnPoint Technologies and Charles River Ventures. More information is available at

Thursday, February 10, 2011

Silicon Image Acquires Product Lines and IP from Anchor Bay

SUNNYVALE, Calif.--(BUSINESS WIRE)--Silicon Image, Inc. (NASDAQ:SIMG), a leader in advanced, interoperable HD connectivity solutions for consumer electronics, today announced it has completed the acquisition of select assets from privately held, Campbell, California-based Anchor Bay Technologies, Inc. (Anchor Bay). Acquired assets include Anchor Bay’s semiconductor, IP and DVDO systems products developed for the DTV and home theater markets.

The acquisition enhances Silicon Image’s existing portfolio of semiconductor DTV and home theater solutions by adding complementary video processing technologies that deliver reference-quality images across a wide range of displays and sources.

“Combining Anchor Bay’s video processing technologies with the Silicon Image product portfolio will strengthen our position in the DTV and home theater markets and enhance our capabilities to develop the next generation of HD connectivity products,” said Tim Vehling, vice president of Silicon Image’s products business group.

For more information about Silicon Image’s extensive DTV and home theater solutions, visit

Monday, February 7, 2011

Conexant receives 2nd buy-out bid

NEWPORT BEACH, Calif., Feb. 7, 2011 — Conexant Systems, Inc. (NASDAQ: CNXT), a leading supplier of innovative semiconductor solutions for imaging, audio, embedded modem, and video surveillance applications, today announced that on January 18, 2011 it received an unsolicited, written proposal from a private equity firm, Golden Gate Private Equity, Inc., to acquire all of the outstanding shares of Conexant common stock at a price in the range of $2.35 to $2.45 per share in cash, subject to certain terms and conditions, including completion of due diligence (the “New Proposal”). As previously announced, Conexant entered into a definitive merger agreement on January 9, 2011 with Standard Microsystems Corporation (“SMSC”) and a wholly owned subsidiary of SMSC (the “SMSC Agreement”), pursuant to which Conexant stockholders would receive for each share of Conexant common stock $1.125 in cash and a fraction of a share of SMSC common stock equal to $1.125 divided by the volume weighted average price of SMSC common stock for the 20 trading days ending on the second trading day prior to closing, but in no event more than 0.04264 nor less than 0.03489 shares of SMSC common stock.
Conexant’s board of directors, in consultation with its financial and legal advisors, determined that the New Proposal would reasonably be expected to result in or lead to a “Superior Proposal” as such term is defined in the SMSC Agreement. Accordingly, Conexant’s board has authorized Conexant to furnish information to Golden Gate Private Equity, Inc. and enter into discussions with it regarding the New Proposal. There is no assurance that these discussions will lead to a Superior Proposal or that Conexant will reach agreement on the terms of an acquisition by Golden Gate Private Equity, Inc.

Friday, February 4, 2011

Power Integrations acquires Qspeed

From yesterday's 8K filing and press release: "On December 31, 2010 Power Integrations acquired Qspeed Semiconductor, a supplier of high-performance high-voltage diodes, for a price of approximately $7 million in cash. Qspeed diodes utilize a proprietary silicon technology to provide a unique combination of high efficiency and low noise, as well as high-frequency operation, which reduces the cost and size of magnetic components in a power supply."