Intersil Corp. (ISIL) to Acquire Techwell
Intersil Corp., a global leader in the development and manufacture of high performance analog semiconductors, whose product lines encompass power management and signal processing, announced entry into a definitive agreement yesterday for Intersil to acquire Techwell, Inc. (TWLL), the fabled semiconductor company specializing in mixed signal video for security and automotive applications. Intersil will finance a cash tender offer for Techwell at the share price of $18.50, via a financing condition-free commitment from Morgan Stanley Senior Funding, Inc. of $390M. Expected to close during ISIL’s 2Q 2010, the acquisition’s terms were unanimously approved by TWLL’s board of directors, which has…