On Wednesday, Micrel, Incorporated (NASDAQ:MCRL)’s shares declined -0.14% to $13.90.
Microchip Technology Inc. MCHP revealed that it had received antitrust clearance in U.S. and Germany in relation with its projected acquisition of Micrel, Incorporated (MCRL), another mature semiconductor player.
The waiting period under the provisions of the amended Hart-Scott-Rodino Antitrust Improvements Act of 1976 had expired on Jun 15, and the deal received approval from the Federal Cartel Office in Germany on Jun 17. There is no additional antitrust clearance required for the transaction. However, the closure of the deal is still subject to other conditions, counting merger approval by Micrel shareholders.
The merger was declared in early May, and Microchip anticipates it to close in the third quarter. Micrel which was facing pressure from activist investor Starboard Value LP since last summer, agreed to be attained by fellow chipmaker Microchip in an $839 million deal. Microchip agreed to pay $14 a share to Micrel stockholders, who can opt for either cash or Microchip stock. Not taking into account the cash and investments in Micrel’s books, the transaction would be worth $744 million.
However, just a couple of days ago, a Micrel investor filed a lawsuit in an attempt to prevent the projected takeover by Microchip, alleging that the board at Micrel violated their fiduciary duties to the stockholders by consenting to sell Micrel too cheap via an unfair process to Microchip.
Micrel is better-known for its chips based on analog rather than digital technology. The transaction would bring together two mature semiconductor players that manufacture thousands of different chips that are used in cars, office and industrial equipment and a wide range of consumer products.
Micrel, Incorporated, together with its auxiliaries, designs, develops, manufactures, and markets analog, mixed-signal, and digital semiconductor devices primarily in North America, Asia, and Europe. It offers power conversion products, counting LDOs, DC/DC converters, analog power switches, PMICs, solid state lighting products, and FET drivers; supervisory and reference products that protect, monitor, and enhance the interface of circuitry around microcontroller and processor circuits; and general linear parts, such as op amps, thermal measurement devices, timers, and other general devices.
Diplomat Pharmacy Inc (NYSE:DPLO)’s shares dropped -6.27% to $43.08.
Diplomat Pharmacy Inc (DPLO) declared its 2015 satisfaction survey results, receiving a 100 percent patient satisfaction rating for over 10 years in a row. Headquartered in Enfield, Connecticut, AHF is a specialty pharmacy that provides homecare pharmacy services to patients living with hemophilia, von Willebrand disease and other bleeding disorders.
AHF has always taken great pride in the quality of services offered to the hemophilia community by providing assistance to patients in overcoming the medical, economic and societal barriers often faced by those living with hemophilia and other bleeding disorders.
Diplomat Pharmacy, Inc. operates as an independent specialty pharmacy in the United States. The company stocks, dispenses, and distributes prescriptions for various biotechnology and specialty pharmaceutical manufacturers. It also provides specialty infusion pharmacy, patient care coordination, clinical, compliance and persistency program, patient financial assistance, specialty pharmacy training/consulting, benefits investigation, prior authorization, risk evaluation and medication strategy, retail specialty, and hub services, in addition to clinical and administrative support services to hospitals and health systems.
At the end of Wednesday’s trade, PDL BioPharma Inc (NASDAQ:PDLI)‘s shares dipped -1.80% to $6.53.
PDL BioPharma Inc (PDLI) declared that the company has designated Steffen Pietzke, CPA, to the position of controller and chief accounting officer. Mr. Pietzke officially joins the company this week.
“Steffen is an excellent addition to PDL and brings over 14 years of accounting and financial reporting experience to our team,” stated Peter Garcia, vice president and chief financial officer of PDL BioPharma. “Having recognized more than $580 million in revenues in 2014, PDL is happy with the relevant experience that Steffen brings to our team. His experience in auditing both venture capital firms and biopharmaceutical companies with revenues and with complex financial transactions will further strengthen our finance team and support our income generating efforts.
PDL BioPharma, Inc. manages a portfolio of patents and royalty assets in the United States and Europe. The company is involved in the humanization of monoclonal antibodies and the discovery of a new generation of targeted treatments for cancer and immunologic diseases.
Garmin Ltd. (NASDAQ:GRMN), ended its Wednesday’s trading session with -2.52% loss, and closed at $46.05.
Garmin Ltd. (GRMN) declared dēzlCam, its first all-in-one trucking navigator with a built-in dash cam that serves as an onboard eyewitness. Truckers can rely on firsthand video footage that continually records1 the drive and automatically saves video footage on impact. With a focus on features that matter most to truckers, the dēzlCam provides custom truck routing2 for the size and weight of a driver’s truck as well as route warnings for bridge heights, weight limits, sharp curves, steep grades and more.
Garmin Ltd., together with its auxiliaries, designs, develops, manufactures, and markets hand-held, wrist-based, and portable and fixed-mount global positioning system (GPS) enabled products; and other navigation, communication, and information products worldwide. It operates in five segments: Automotive/Mobile, Aviation, Marine, Outdoor, and Fitness. The Automotive/Mobile segment offers personal automotive navigation devices; and infotainment solutions, in addition to mobile applications under the Viago, StreetPilot, and NAVIGON brands.
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