ON Semiconductor to buy Catalyst Semiconductor in all-stock transaction; Catalyst soars 54%
Catalyst Semiconductor Inc. (Nasdaq:CATS) is soaring 54% in today’s trading after signing a definitive merger agreement with ON Semiconductor Corporation (Nasdaq:ONNN). The all-stock transaction will provide Catalyst shareholders with 0.706 shares of ON Semiconductor stock for each share of Catalyst they own. The overall deal is valued at about $115 million. The companies expect the transaction to close in the fourth quarter of 2008.
Catalyst is a Santa Clara, Calif.-based semiconductor product maker, while ON Semiconductor is a Phoenix-based provider of power and data management semiconductors.
In today’s trading, Catalyst shares are at $6.21 at 9:58 a.m. ET, up $2.15 from Wednesday’s close. Trading volume is more than triple the average number of shares.
Catalyst is a Santa Clara, Calif.-based semiconductor product maker, while ON Semiconductor is a Phoenix-based provider of power and data management semiconductors.
In today’s trading, Catalyst shares are at $6.21 at 9:58 a.m. ET, up $2.15 from Wednesday’s close. Trading volume is more than triple the average number of shares.
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