Broadcom Announces Intention to Acquire
Innovision Research & Technology PLC
IRVINE, Calif/PRNewswire-FirstCall/ -- Broadcom
Corporation (NASDAQ:BRCM)
, a global leader in semiconductors for wired and wireless
communications, today announced its subsidiary, Broadcom International
Ltd., has agreed to terms with the board of Innovision Research &
Technology PLC, (a company listed on the Alternative Investment Market
of the London Stock Exchange: INN), to make an all-cash offer to acquire
all of the issued and to be issued shares of Innovision. Innovision is a
leader in near-field communication (NFC) technology.
Under the terms of the offer, Innovision shareholders will receive
Pounds Sterling 0.35 (approximately $0.52) per share in cash for each
Innovision share held, representing a total equity value of
approximately $47.5 million based on current exchange rates. This offer
represents a 84.2% premium above the closing price of Innovision common
stock on June 17, 2010. Broadcom expects to close the acquisition of
Innovision in the third quarter of 2010.
The full terms of today's announcement are accessible at http://investor.broadcom.com/rule-2-5disclaimer.cfm.
This press release and the full announcement by Broadcom
International Ltd. concerning the offer for the entire issued and to be
issued ordinary share capital of Innovision Research & Technology
PLC (the "Offer") does not constitute or form part of any offer or
invitation to sell or purchase any securities or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities, pursuant to the Offer or otherwise. The
Offer will be made solely by an offer document and (in the case of
certificated holders of Innovision Research & Technology PLC
ordinary shares) the accompanying form of acceptance which will contain
the full terms and conditions of the Offer, including details of how the
Offer may be accepted.
About Broadcom
Broadcom Corporation is a major technology innovator and global
leader in semiconductors for wired and wireless communications. Broadcom
products enable the delivery of voice, video, data and multimedia to
and throughout the home, the office and the mobile environment. We
provide the industry's broadest portfolio of state-of-the-art
system-on-a-chip and software solutions to manufacturers of computing
and networking equipment, digital entertainment and broadband access
products, and mobile devices. These solutions support our core mission:
Connecting everything®.
Broadcom is one of the world's largest fabless communications
semiconductor companies, with 2009 revenue of $4.49 billion, and holds
over 4,050 U.S. and over 1,460 foreign patents, more than 7,900
additional pending patent applications, and one of the broadest
intellectual property portfolios addressing both wired and wireless
transmission of voice, video, data and multimedia.
A FORTUNE 500® company, Broadcom is headquartered in Irvine, Calif.,
and has offices and research facilities in North America, Asia and
Europe. Broadcom may be contacted at +1.949.926.5000 or at
www.broadcom.com.
Cautions regarding Forward-Looking Statements:
All statements included or incorporated by reference in this release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are based
on our current expectations, estimates and projections about our
industry and business, management's beliefs, and certain assumptions
made by us, all of which are subject to change. Forward-looking
statements can often be identified by words such as "anticipates,"
"expects," "intends," "plans," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could," "potential,"
"continue," "ongoing," similar expressions, and variations or negatives
of these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and assumptions
that could cause our actual results to differ materially and adversely
from those expressed in any forward-looking statement.
Note:
The Offer will not be made, directly or indirectly, in or into the
United States or by use of the mails of, or by any means or
instrumentality (including, without limitation, facsimile or other
electronic transmission, telex or telephone) of inter-state or foreign
commerce of, or any facility of, a national, state or other securities
exchange of, the United States, nor will it be made directly or
indirectly in or into Canada, Australia or Japan and the Offer will not
be capable of acceptance by any such use, means, instrumentality or
facility or from within the United States, Canada, Australia or Japan or
any other such jurisdiction if to do so would constitute a violation of
the relevant laws of such jurisdiction. Accordingly, copies of this
announcement are not being, will not be and must not be mailed or
otherwise forwarded, distributed or sent in, into or from the United
States, Canada, Australia or Japan or any other such jurisdiction if to
do so would constitute a violation of the relevant laws of such
jurisdiction and persons receiving this announcement (including without
limitation custodians, nominees and trustees) must not mail, forward,
distribute or send it in, into or from the United States, Canada,
Australia or Japan or any other such jurisdiction if to do so would
constitute a violation of the relevant laws of such jurisdiction.
Broadcom Press Contact Broadcom Investor Relations Contact
Bob Marsocci T. Peter Andrew
Vice President, Corporate Vice President, Corporate
Communications Communications
949-926-5458 949-926-5663
bmarsocci@broadcom.com andrewtp@broadcom.com
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Source: Broadcom Corporation; BRCM Corporate
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