Peregrine: Japan Fair Trade Commission Okays Murata Merger - Quick Facts

(RTTNews) - Peregrine Semiconductor Corp (PSMI), said Friday the Japan Fair Trade Commission granted clearance of its proposed $465 million merger with Murata Electronics North America Inc. The approval is subject to a 30-day waiting period set to terminate on October 12, 2014.

The Peregrine Board has established the close of business on October 13 as the record date for its special meeting of shareholders to consider and vote on, among other things, the proposed merger. The shareholder meeting is scheduled for November 19, 2014.

Completion of the merger remains subject to approval by Peregrine's shareholders and remaining regulatory approvals. Peregrine expects to complete the merger during the fourth calendar quarter of this year.

Peregrine will announce its third quarter earnings on October 29, 2014 after market close.

On August 22, Japan-based Murata Manufacturing Co Ltd agreed to buy Peregrine for $465 million, and following the announcement, Peregrine shares surged. Murata Electronics North America Inc., a subsidiary of Murata Manufacturing, will buy Peregrine, which makes radio frequency semiconductor products, for $12.50 a share in cash for all the shares it does not own.

Upon closing of the deal, San Diego, California-based Peregrine will become a subsidiary of Murata and continue with its current business model of solving the world's toughest RF challenges.