Maxim Integrated Products, Inc. (NASDAQ:MXIM) announced it has received antitrust clearance from the U.S. antitrust agencies for its acquisition of Volterra Semiconductor Corporation (NASDAQ:VLTR) following the expiration of the relevant waiting period.
With respect to the previously commenced cash tender offer to purchase all outstanding shares of common stock of Volterra, the parties submitted their respective filings required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”) on August 22, 2013 and the applicable waiting period under HSR expired at 11:59 p.m., New York City time, September 6, 2013. HSR clearance satisfies one of the conditions to consummate the tender offer.
As announced on August 15, 2013, Maxim and Volterra entered into a definitive merger agreement under which Maxim would acquire Volterra for $23 per share in a transaction valued at approximately $605 million equity value or $450 million net of Volterra's cash position of approximately $155 million.
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