A leading MEMS solutions provider, MEMSIC, INC. (NASDAQ:MEMS). has declared that its Board of Directors has received a spontaneous, non-binding offer from IDG-Accel China Growth Fund II LP for itself and on behalf of its associated funds and certain nominees to own all outstanding shares of common stock of MEMSIC not presently owned by IDG or its associates for cash in the amount of $4.00 each share.
In reply to the offer, the Board of Directors of the Company has established a Special Committee of the Board consisted of its three independent directors. The Special Committee has embroiled RBC Capital Markets, LLC as its financial advisor to help it in assessing this proposal and all other strategic substitutes. It will consider the IDG offer and associated matters with care in due course that is consistent with the fiduciary responsibilities to operate in the best interest of shareholders.
The Board of Directors warns MEMSIC shareholders and others, who are considering trading in its securities that the Board of Directors or the Special Committee has taken any decision related to the IDG offer and that there can be no guarantee that any ultimate proposal will be offered or accepted.
MEMSIC has no intention of commenting any further regarding this proposal or its assessment of strategic options, unless a specific operation is suggested by the Board of Directors.
MEMSIC has its headquarter in Massachusetts. It is responsible for providing semiconductor sensor and system solutions based on integrated micro electromechanical systems, or in short, MEMS. Its accelerometer products are used to calculate shock, vibration, acceleration and tilt. They have a huge range of applications like video projectors, automotive safety systems and mobile phones.
MEMSIC combines proprietary thermal-based MEMS technology and superior analog varied signal processing circuitry design into a single chip.