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MathStar Rejects Merger

Now defunct Hillsboro, Oregon-based semiconductor maker MathStar Inc. received and rejected a purchase offer from a Minnesota-based publisher of building performance software. According to PureChoice Inc. of Burnsville, Minn., it tendered an unsolicited proposal on May 11 to acquire MathStar for a $1.04 per-share cash payment---a 19 percent premium over the Friday, May 8, close--of-market price of $0.84 per share. However, per a filing by the firm with the SEC, MathStar's board declined the offer on the grounds that the $1.04 per-share price was less than MathStar's liquidation value. According to the SEC filings, the board also noted that, under the proposed merger, MathStar's shareholders would derive no value from MathStar's net operating loss carryforwards. The board said it will continue to pursue other options. MathStar shut its operations in May of 2008, and has been looking to sell its assets and intellectual properties since January.


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