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14 October 2014

Japan Fair Trade Commission grants clearance for proposed Murata acquisition of Peregrine

In August this year, Murata Electronics North America Inc, a subsidiary of Murata Manufacturing Co Ltd of Kyoto, Japan, agreed to acquire all outstanding shares of Peregrine Semiconductor Corp of San Diego, CA, USA that are not already owned by Murata, for $12.50 per share in cash (a total transaction value of $471m, or $465m excluding Murata’s existing holding).

Peregrine Semiconductor has now announced that the Japan Fair Trade Commission has granted clearance for the proposed acquisition. The Peregrine board of directors has established the close of business on 13 October 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 19 November. Peregrine will file with the SEC definitive proxy materials related to the proposed merger as soon as reasonably practicable.

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.

Tags: Peregrine Murata

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