Montage Tech., Shanghai Pudong Science And Technology Investment To Merge

(RTTNews) - Montage Technology Group Ltd. (MONT) and Shanghai Pudong Science and Technology Investment Co., Ltd. or "PDSTI", a wholly state-owned limited liability company directly under Pudong New Area government of Shanghai, have signed a definitive merger deal, pursuant to which PDSTI would buy Montage's outstanding ordinary shares for $22.60 per ordinary share. The merger values Montage's equity at around $693 million, on a fully diluted basis.

The company's board unanimously approved the merger agreement and urges that the company's shareholders vote to approve the merger deal. Montage expects to hold a special meeting of its shareholders to consider and act upon the proposed transaction as promptly as practicable.

With around $110.9 million revenues for 2013, Montage is a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets.