Thursday, March 13, 2008

AMI Semiconductor, On Semiconductor Deal Approved By Stockholders

ON Semiconductor Corp., a Phoenix-based manufacturer of integrated circuits for power supplies and other electronic devices, announced Wednesday that its stockholders and those at AMI Semiconductor have approved ON Semiconductor's proposed buyout and merger of AMIS Holdings Inc., AMI Semiconductor's parent company. The deal, which is worth an estimated $915 million, was originally proposed three months ago, on Dec. 13. ON Semiconductor noted that more than 90 percent of the votes for both companies supported the merger. Under the terms of the merger agreement, AMIS stockholders will receive 1.15 shares of ON Semiconductor common stock for each share of AMIS common stock owned at the time of closing. ON Semiconductor said it expects the transaction to close Monday. Headquartered in Pocatello, Idaho, AMI Semiconductor specializes in the production of mixed-signal integrated circuits.