Mergers and Acquistions News
Categories: Semi-Conductors
May 28th 2009, 17:00PM
The board of directors of US-based fabless semiconductor firm MathStar has rejected a third merger offer from software company PureChoice, also based in the US.
Earlier in the month, Purchase revised its merger offer to MathStar to propose a deal at an estimated value of $9.55 million (£5.98 million) under which it would pay $1.04 per share to MathStar's stockholders.
Under the terms of an earlier proposal in October 2008, Purechoice offered $0.75 per MathStar common share, which was also rejected after MathStar's board decided the consideration was insufficient to support a merger agreement.
MathStar's board last year voted to suspend research and development activities, as well as curtailing ongoing operations, after recording net losses for three consecutive years.
Purechoice, which provides building-performance reporting software, was invited to present its PureTrac product to a group of prominent industry leaders at Future of Manufacturing International's Congress on sustainable development in October 2008.
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