Microchip Technology Incorporated (NASDAQ: MCHP) (“Microchip”) and Supertex, Inc. (NASDAQ: SUPX) (“Supertex“) today announced that Microchip has completed its previously announced acquisition of Supertex following approval of the transaction by Supertex shareholders at Supertex’s special meeting of shareholders held today.
Approximately 98.4% of the Supertex shares that voted were voted in favor of the merger in which Supertex shareholders will receive $33.00 per share in cash. Overall, approximately 87.7% of the total outstanding Supertex shares were voted. Therefore, approximately 86.43% of the total outstanding Supertex shares were voted in favor of the acquisition transaction.
“We are very pleased to have completed our acquisition of Supertex,” said Steve Sanghi, President and CEO of Microchip. "I welcome the Supertex employees into the Microchip family and look forward to building a combined organization that will bring the capabilities of both organizations to bear in the marketplace.”
As a result of the completion of the transaction, trading in Supertex common stock on the NASDAQ will cease effective after the close of market today.
Microchip will share more information regarding the Supertex transaction during its Q4 and FY2014 financial results conference call scheduled for Tuesday, May 6, 2014.