Microchip has bought Micrel for $839 million.
Micrel had been pushed into finding a buyer by an activist shareholder which took a 12% shareholding in the company.
“Micrel’s portfolio of linear and power management products, LAN solutions and timing and communications products, as well as their strong position in the industrial, automotive and communications markets, complement many of Microchip’s initiatives in these areas, ” says Microchip CEO Steve Sanghi.
Shareholders of Micrel can choose to receive $14 per share in cash or $14.00 in Microchip stock.
Microchip will increase its share repurchase from a planned 2.5 million shares to 20 million which is about the number of shares it issues in the Micrel acquisition.
The deal has been unanimously approved by both boards and it is expected to close in Q3 2015.
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