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Advanced Analogic Technologies (Nasdaq: AATI) $3.90. Announced Thursday after market close along with Skyworks Solutions (Nasdaq: SWKS) a definitive agreement by Skyworks to purchase Advanced Analogic Technologies. This acquisition expands Skyworks’ portfolio with highly complementary analog semiconductor products including battery chargers, DC/DC converters, voltage regulators and LED drivers. The analog power management market is expected to grow to $12.1 billion in 2014, up from $9.9 billion in 2010 according to Gartner market research.
Skyworks has entered into a definitive agreement to acquire Advanced Analogic Technologies for a nominal price of $6.13 per share, representing a 52 percent premium to Advanced Analogic Technologies’ 30-day trailing average. The $6.13 nominal share price consists of $3.68 per share in cash and .08725 of a share of Skyworks common stock for each outstanding share of Advanced Analogic Technologies common stock. The amount of stock is based upon the average closing price of Skyworks common stock over the 30-trading days prior to May 26, 2011. At that average price, the stock component of the price has a nominal value of $2.45. The value of the stock component will be tested again at closing, based on the average closing price of Skyworks common stock during the five trading days prior to the closing. If the average pre-closing value is lower than $2.45, the amount of cash per share will be increased by the difference, and if the average pre-closing value is higher than $2.45, the amount of cash per share will be reduced by the difference, to maintain a calculated nominal value of $6.13 per Advanced Analogic Technologies share in either case.
What They Do: Advanced Analogic Technologies Incorporated (AATI), or AnalogicTech, develops advanced semiconductor system solutions that play a key role in the continuing evolution of feature-rich, energy efficient electronic devices.
rue21 (Nasdaq: RUE) $28.60. Announced Thursday after market close financial results for the first quarter of fiscal 2011 ended April 30, 2011. Net sales increased 25.5% to $172.9 million, compared to $137.8 million in the first quarter of fiscal 2010 ended May 1, 2010. Comparable store sales increased by 5.2%, following a 7.7% increase in the first quarter of 2010.
During the first quarter of fiscal 2011 the company opened 39 new stores and converted 12 existing stores to the larger etc! format with no store closures compared to opening 31 new stores, 13 conversions and 1 store closure in the first quarter of fiscal 2010. The Company ended the quarter with 677 stores.Net income in the first quarter increased 65.2% to $9.6 million from $5.8 million in the first quarter of 2010. Diluted earnings per share increased to $0.38 in the first quarter of fiscal 2011 compared to diluted earnings per share of $0.23 in the first quarter of fiscal 2010, which included $0.03 per share of non-recurring expenses related to the secondary offering.
What They Do: rue21 is a leading specialty apparel retailer offering exclusive branded merchandise and the newest trends at a great value.
Cirrus Logic (Nasdaq: CRUS) $16.14. Announced Thursday that Al Schuele and Susan Wang have been nominated for election to Cirrus Logic’s Board of Directors. Current Board member D. James Guzy will be retiring from the Board effective in July.
Mr. Schuele has been a general partner since 2000 with Sevin Rosen Funds, a high tech venture capital firm, and currently is a director of Javelin Semiconductor, InfoNow Corp., and InnovaLight, Inc. Prior to Sevin Rosen, he was chief executive officer of Benchmarq Microelectronics and served as president, chief operating officer and a director of the Board of Unitrode Corp. after its merger with Benchmarq. During his nearly 40 years of high tech experience, he has held various executive and sales management positions in several semiconductor companies including Cirrus Logic, Crystal Semiconductor, Cypress Semiconductor and Mostek.
Ms. Wang has served since October 2003 on the Board of Directors of Altera Corp., a programmable logic solutions supplier, after retiring from her position as executive vice president and chief financial officer of Solectron Corp., a worldwide provider of electronics manufacturing services, which she joined in 1984. Wang is also a director for Rae Systems Inc., a developer of sensory technology for hazardous materials, Suntech Power Holdings Co., Ltd., a solar energy company, and Nektar Therapeutics, a biopharmaceutical company.
What They Do: Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. To read more about Cirrus Logic visit http://www.smallcapreview.com./crus.htm
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