April 11, 2010 - Microchip Technology completed its previously announced acquisition of Silicon Storage Technology following approval of the transaction by SST shareholders at SST’s Special Meeting of Shareholders. Approximately 65.91 percent of SST shares outstanding were voted in favor of the Microchip merger agreement, under which SST shareholders will receive $3.05 per share in cash. “We are pleased to have completed this transaction,” said Steve Sanghi, Microchip President and Chief Executive Officer.
“Through this acquisition, we gain access to SST’s SuperFlash® technology and extensive patent portfolio, which are critical building blocks for advanced microcontrollers. We expect that SST will also enhance our ability to customize technology variants, thereby adding an advantage over competing technologies.” “We are pleased to conclude a successful process that has allowed us to maximize value for SST shareholders,” said Ronald Chwang, Chairman of the Strategic Committee of SST’s Board of Directors. “We are confident that SST will flourish as a part of Microchip,” said Bing Yeh, co-Founder and Chief Executive Officer of SST.
“As part of a larger, more diversified company, we believe that SST will be better positioned to deliver the superior service and innovative NOR flash and embedded flash solutions that our customers expect.” As a result of the completion of the transaction, trading in SST common stock on the NASDAQ will cease effective after the close of market today.
About Microchip:
Microchip Technology Incorporated is a leading provider of microcontroller and analog semiconductors, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. About Silicon Storage Technology, Inc.: Headquartered in Sunnyvale, California, SST designs, manufactures and markets a diversified range of memory and non-memory products for high volume applications in the digital consumer, networking, wireless communications and Internet computing markets.
Leveraging its proprietary, patented SuperFlash technology, SST is a leading provider and licensor of nonvolatile memory solutions with product families that include various densities of high functionality flash memory components and flash mass storage products. The company also offers its SuperFlash technology for embedded applications through its broad network of world-class manufacturing partners and technology licensees, including TSMC, which offers it under its trademark EMBFLASH. SST's non-memory products include NAND controller-based products, smart card ICs and modules, flash microcontrollers and radio frequency ICs and modules.