U.S. firms ‘will be all over’ Canadian companies
For a man who had just helped sell Tundra Semiconductor for $120.8 million, more than 40 per cent above the first offer made for the chipmaker, Adam Chowaniec was in a sombre mood.
His voice shaking with emotion, the Tundra chairman told a small group of directors and employees at a special shareholder meeting Monday “the shareholders have spoken and on June 29, Tundra will cease to exist as an independent Canadian entity.
“This is not the outcome that I wanted to see … after 20 years building this company.”
Integrated Device Technology, the U.S. chip company that won a bidding war with Gennum, a smaller Canadian rival, could cut staff deeply as it rapidly absorbs Tundra technology in overlapping communication and computer storage products.
The investors spoke clearly: 99.86 per cent of the almost 15 million shares were cast in favour of the deal.
The meeting was over in less than 15 minutes with no debate, no questions and no celebration.
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mike Says:
So are we regressing to “hewers of wood and drawers of water”? Except that no one wants our wood but would gladly take our water.
mid island mike
Posted on June 16th, 2009 at 10:36 am
D.C. Says:
They want our wood too, but at a price far lower than we can afford to accept.
Posted on June 16th, 2009 at 10:48 am