SHANGHAI, China, May 5, 2014 (GLOBE NEWSWIRE) -- RDA Microelectronics, Inc. (Nasdaq:RDA) ("RDA Microelectronics" or the "Company"), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today provides certain updates regarding the pending merger transaction (the "Transaction") with Tsinghua Unigroup Ltd. ("Tsinghua Unigroup").
The Board of Directors of the Company (the "Board") has been closely monitoring the closing process of the Transaction and carefully evaluating developments with the assistance of US and PRC legal counsel and other advisors. Further to the announcements made by the Company on May 2, 2014, which clarified certain aspects of status regarding the Transaction, the Company hereby provides the following additional updates:
- The Company has been and will continue working closely and actively with Tsinghua Unigroup to close the Transaction under the terms of the merger agreement entered in November 2013 by and between the Company and Tsinghua Unigroup (as amended, the "Merger Agreement").
- Tsinghua Unigroup has reiterated to the Company its commitment to completing the Transaction and is taking concrete actions to close the Transaction within the framework of the Merger Agreement.
- The Company reconfirms that it stands by its commitments and obligations under the Merger Agreement, and its intention to close the Transaction has not changed. The Company will continue to work with Tsinghua Unigroup to close the Transaction as soon as practicable, which the Board believes is in the best interests of the Company's shareholders as a whole.
- The Merger Agreement provides, among other items, a long-stop date spanning until at least August 8, 2014 for the parties to complete the Transaction. Tsinghua Unigroup and the Company currently expect the Transaction will be closed in the second half of this year.
Also, in view of the pending Transaction and the sensitive current interim period, the Company will not announce its financial results for the quarter ended March 31, 2014 by press release or hold a conference call to discuss such quarterly results.
About RDA Microelectronics
RDA Microelectronics is a fabless semiconductor company that designs, develops and markets wireless system-on-chip and radio-frequency semiconductors for cellular, connectivity and broadcast applications. The Company's product portfolio currently includes baseband, radio-frequency front-end modules, power amplifiers, transceivers, Bluetooth system-on-chip, Wi-Fi, Bluetooth and FM combo chips, FM radio receivers, set-top box tuners, analog mobile television receivers, CMMB mobile television receivers, walkie-talkie transceivers and LNB satellite down converters. For additional information, please see the Company's website at http://www.rdamicro.com.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Any statements in this press release that are not historical facts are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include the Company's anticipated growth strategies; its future results of operations and financial condition; impact of currency volatility in emerging markets; economic conditions in China; the regulatory environment in China; the Company's ability to attract customers and leverage its brand; trends and competition in the semiconductor industry; migration to new technology; the entry into baseband, new TV and display market; anticipated developments in respect of the pending merger transaction between the Company and Tsinghua Unigroup Ltd. and other factors and risks detailed in the Company's filings with the Securities and Exchange Commission. This press release also contains statements or projections that are based upon information available to the public, as well as other information from sources which the Company believes to be reliable but whose accuracy or completeness the Company cannot guarantee. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.