Tundra Semiconductor, already a takeover target of Gennum, has announced the receipt of a second acquisition proposal this time from Integrated Device Technology, which values the company at approximately Canadian $120.8m.
Canadian chip firm Gennum, which launched its takeover bid for Tundra some weeks ago, recently increased its offer to Canadian $112m for Tundra.
Tundra develops bridges and switches using RapidIO, VME, SDI and HDMI standards, as well as in PCI Express.
Gennum has said it will consider the IDT offer and will then decide on its course of action "in the five business day matching period
as provided for under the Arrangement Agreement".
The IDT's offer is not subject to any due diligence condition, and will be payable in cash. Gennum's offer is a combined cash and share deal.