SAN JOSE, Calif., April 12, 2010 (GLOBE NEWSWIRE) -- Techwell, Inc. (Nasdaq:TWLL) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) on April 8, 2010 with respect to the previously announced proposed acquisition of Techwell by Intersil Corporation (Nasdaq:ISIL).
On March 30, 2010, Intersil, through its indirect, wholly-owned subsidiary, Navajo Merger Sub, Inc., initiated a cash tender offer to purchase all outstanding shares of common stock and the associated preferred stock purchase rights of Techwell at a price of $18.50 per share, without interest.
The tender offer will expire at midnight, U.S. Eastern Time, on Monday, April 26, 2010, unless it is extended in accordance with the terms of the applicable merger agreement and the applicable rules and regulations of the Securities and Exchange Commission.
Expiration of the HSR waiting period satisfies one of the conditions of the tender offer. The Offer continues to be conditioned upon the other conditions described in the offer to purchase, the related letter of transmittal and other tender offer materials that Intersil filed with the Securities and Exchange Commission on March 30, 2010, as amended.
Securities Law Disclosure and Additional Information
This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell securities. The tender offer is being made only pursuant to the Offer to Purchase (as amended), Letter of Transmittal and related materials that Intersil Corporation and Navajo Merger Sub, Inc. have filed with the Securities and Exchange Commission on a Tender Offer Statement on Schedule TO on March 30, 2010, as amended. In addition, Techwell, Inc. has filed a Solicitation Recommendation Statement on Schedule 14D-9 with respect to the tender offer on March 30, 2010, as amended. Such materials (and all other offer documents filed with the Securities and Exchange Commission) are available at no charge on the Securities and Exchange Commission's Web site, www.sec.gov, or from BNY Mellon Shareowner Services, toll-free at (800) 777-3674. Techwell's stockholders are advised to read these documents, any amendments to these documents and any other documents relating to the tender offer that are filed with the Securities and Exchange Commission carefully and in their entirety prior to making any decisions with respect to the tender offer because they contain important information, including the terms and conditions of the tender offer.
About Techwell
Techwell is a fabless semiconductor company that designs, markets and sells mixed signal video semiconductor solutions for the security surveillance and automotive infotainment markets. Headquartered in San Jose, CA, Techwell currently has over 200 employees in the U.S., China, Japan, South Korea and Taiwan. Please visit http://www.techwellinc.com for more information.
Techwell, Inc. and the Techwell, Inc. logo are trademarks of Techwell, Inc. All other trademarks are the property of their respective owners.
About Intersil
Intersil Corporation is a leader in the design and manufacture of high-performance analog and mixed signal semiconductors. The Company's products address some of the industry's fastest growing markets, such as flat panel displays, cell phones, notebooks and other handheld systems. Intersil's product families address power management functions and analog signal processing functions. Intersil products include ICs for battery management, hot-plug controllers, linear regulators, power sequencers, supervisory ICs, bridge drivers, PWM controllers, switching DC/DC regulators, Zilker Labs Digital Power ICs and power MOSFET drivers; optical storage laser diode drivers; DSL line drivers; D2Audio products; video and high-performance operational amplifiers; high-speed data converters; interface ICs; analog switches and multiplexers; crosspoint switches; voice-over-IP devices; and ICs for military, space and radiation-hardened applications. For more information about Intersil or to find out how to become a member of our winning team, visit the Company's web site and career page at www.intersil.com.