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The stock is trading at $1.88 at about 9:00 am Eastern Time, compared to a close of $1.08 on Monday. With the advance, the stock has climbed to its highest level since September.
SiRF, a provider of GPS-enabled silicon and software, said that it has signed a definitive agreement with UK-based bluetooth connectivity business group CSR Plc (CSR.L | Quote | Chart | News | PowerRating) for a stock-for-stock merger.
Under the deal, SiRF stockholders would receive 0.741 of a CSR share for each share of SiRF common stock. Based on the closing stock price of CSR on February 9, the purchase consideration would be equivalent to $2.06 of CSR stock for each SiRF share, representing total consideration of $136 million.
With the transaction, SiRF and CSR stockholders are expected to own approximately 27% and 73% of the combined company, respectively. The transaction is expected to be tax-free for SiRF stockholders.
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