BURLINGTON, ON, April 30 /CNW/ - Gennum Corporation (TSX: GND) ("Gennum")
today announced that it had provided notice to Tundra Semiconductor
Corporation ("Tundra") that it does not wish to exercise its right to match
the competing offer by Integrated Device Technology, Inc. ("IDT"), pursuant to
the previously announced arrangement agreement (as amended, the "Arrangement
Agreement") between Gennum and Tundra.
On April 27, 2009, Tundra announced that if Gennum does not offer to
amend the terms of the Arrangement Agreement within the matching period under
the Arrangement Agreement, Tundra is permitted to terminate the Arrangement
Agreement and contemporaneously enter into the arrangement agreement submitted
by IDT, subject to compliance with the Arrangement Agreement including the
payment of a Cdn$5.0 million termination fee to Gennum.
"After careful and thoughtful consideration, we believe our latest
proposal to acquire Tundra represents our best assessment of the value it
could bring to Gennum. Therefore, we believe that it is in the best interests
of Gennum shareholders, customers, employees and other stakeholders to not
further pursue this opportunity," said Dr. Franz Fink, President and CEO of
Gennum Corporation. "We have a talented team in place and a compelling growth
plan to accelerate our business through innovative new products and IP. With
our strong financial foundation, we are continuing to aggressively explore all
potential opportunities that will accelerate our growth and further strengthen
our company. We remain committed to our long-term strategy and are making
excellent progress towards achieving our goals."
Gennum Corporation designs innovative semiconductor solutions and
intellectual property (IP) cores for the world's most advanced consumer
connectivity, enterprise, video broadcast and data communications products.
Leveraging the company's proven optical, analog and mixed-signal products and
IP, Gennum enables multimedia and data communications products to send and
receive information without compromising the signal integrity. An award winner
for advances in high definition (HD) broadcasting, Gennum is headquartered in
Burlington, Canada, and has global design, research and development and sales
offices in Canada, Mexico, Japan, Korea, Germany, United States, Taiwan, India
and the United Kingdom. www.Gennum.com.
Caution Regarding Forward-Looking Statements
Certain statements in this news release regarding the proposed
transaction between Tundra and Gennum and any other statements regarding
Gennum's future expectations, beliefs, goals or prospects constitute
forward-looking information within the meaning of applicable securities
legislation (collectively "forward-looking statements"). Any statements that
are not statements of historical fact (including statements containing the
words "believes," "plans," "anticipates," "expects," "estimates" and similar
expressions) should also be considered forward-looking statements. A number of
important factors could cause actual results or events to differ materially
from those indicated or implied by such forward-looking statements.
Gennum assumes no obligation to update the information in this
communication, except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in Gennum's filings with the
various provincial securities commissions which are available online at
www.sedar.com. Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and plans of the
management of Gennum relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. Readers are also
cautioned not to place undue reliance on these forward-looking statements,
that speak only as of the date hereof.
Gennum and the Gennum logo are registered trademarks of Gennum
Corporation. Gennum Corporation, 2009.
For further information:
For further information: Gennum Media Contact: Robin Vaitonis, Gennum
Corporation, (905) 632-2999 x2110, firstname.lastname@example.org, www.gennum.com