GSI Technology Rejects GigOptix's Unsolicited Acquisition Proposal

(RTTNews) - GSI Technology, Inc. (GSIT) Monday said it has decided to reject GigOptix, Inc.'s (GIG) unsolicited, non-binding and conditional proposal to buy the company which was publicly announced on August 19, 2014.

GigOptix had proposed to buy all of the outstanding shares of GSI Technology for a consideration of $6.50 per share, or about $161 million in cash, stock and special dividend.

In a letter to GigOptix, GSI Technology's CEO Lee-Lean Shu wrote - "After carefully and thoroughly reviewing your proposal, in consultation with its financial advisors, Robert W. Baird & Co. Inc., and legal advisors, DLA Piper LLP (US), our board has unanimously concluded that pursuing your unsolicited proposal would be contrary to the best interests of our stockholders".