ViXS to sell itself to Pixelworks for $20.2M (U.S.)
Mr. Sohail Khan reports
PIXELWORKS TO ACQUIRE VIXS SYSTEMS
Pixelworks Inc. and ViXS Systems Inc. have entered into a definitive agreement under which Pixelworks will acquire all of the outstanding common shares of ViXS in an all-stock transaction consisting of approximately 3.7 million shares of Pixelworks common stock valued at approximately $20.2-million (U.S.). At the effective closing date, each share of ViXS will be exchanged for 0.04836 of a share of Pixelworks' common stock. The exchange ratio is equivalent to consideration of 26 U.S. cents per ViXS common share, based on the closing price of Pixelworks on May 17, 2017. Based on a 60-day trailing average stock price for Pixelworks of $4.65 (U.S.) per share and 21 Canadian cents (15 U.S. cents) per share for ViXS, the transaction represents a premium of approximately 47.7 per cent.
- Published: 19 May 2017
- Written by Editor