UPDATE 5-Infineon digs deep to buy Cypress in $10 billion deal [Reuters]
INFINEON TECHS AG S/ADR (IFNNY)
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Source: Reuters
Infineon digs deep to buy Cypress in $10 billion deal - Reuters 6 Min Read FRANKFURT (Reuters) - Infineon has agreed to buy Cypress Semiconductors in a deal that values the U.S. maker of microchips used in cars and electronic devices at 9 billion euros ($10.1 billion) including debt, sending shares in the German company sharply lower on concerns over the cost. The cash offer of $23.85 per share represents a 46% premium to Cypress’ share price over the last month, the Munich-based maker of power-management chips said on Monday. That equates to a multiple of 4.5 times sales at San Jose, California-based Cypress. “It’s a proud price, no doubt,” said Infineon CEO Reinhard Ploss. “From our point of view it was an acceptable price, and if you look at the synergies, it represents an additional gain in value,” Ploss told reporters on a conference call. Chief Marketing Officer Helmut Gassel said discussions had been triggered by interest expressed in Cypress by another unidentified party. Infi
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