Milne led the company for 23 years making it a major force in the analogue IC world with a market cap of over a billion.
Since he left in 2007, the company has been on a downward trajectory. Sales were $231 million in 2007 for a $43 million profit. Sales last year were $180 million for a $12.6 million loss.
Cirrus will pay 235p per share compared to the market closing price last night of 134p. It values Wolfson at $488 million.
Wolfson made a $12.6 million loss last year, sacked 10% of its staff and borrowed £25 million from the bank.
Image: Dr David Milne OBE, receiving Elektra 2012 Lifetime Achievment Award