Sigma Designs to liquidate after failing to achieve Silicon Labs merger conditions [MarketWatch]
SIGMA DESIGNS (SIGM)
Last sigma designs earnings: 12/7 04:15 pm
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Source: MarketWatch
Sigma Designs to liquidate after failing to achieve Silicon Labs merger conditions Sigma Designs Inc. SIGM, +0.36% said Tuesday it would sell one of its businesses to Silicon Labs Inc. SLAB, +1.17% and then liquidate, after failing to meet conditions of a full merger. Silicon Labs had agreed to acquire the Fremont, Calif., chip maker for $7.05 a share late last year, but said Tuesday that initial closing conditions for that deal could not be met. Instead, Sigma will sell its Z-Wave home-automation business to Silicon Labs for $240 million and enter liquidation proceedings with the goal of returning cash to shareholders. Sigma will look to sell or wind down other segments within the next year - for instance, Sigma said it would lay off nearly 300 of 416 employees in its smart-television and set-top box businesses. Sigma shares were halted ahead of the announcement Tuesday afternoon, then fell more than 10% in after-hours trading; Silicon Labs stock was quiet in late trading after
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