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IFX - Infineon Technologies AG News Story

€31.62 1.0  3.3%

Last Trade - 14/05/21

Sector
Technology
Size
Large Cap
Market Cap £35.44bn
Enterprise Value £38.65bn
Revenue £8.61bn
Position in Universe 37th / 1053

BUZZ-Cypress shares trade below Infineon's offer price

Mon 3rd June, 2019 1:08pm
** Cypress Semiconductors shares  CY.O  jump 25% to $22.3
premarket after Germany's Infineon  IFXGn.DE  agrees to buy the
chipmaker for $10.1 bln including debt  urn:newsml:reuters.com:*:nL8N23A0LS
    ** Infineon's cash offer of $23.85/shr represents a 33.8%
premium to CY's Friday close, and a near 55% premium since the
close of May 28, a day before Bloomberg reported a takeover
interest in the co  urn:newsml:reuters.com:*:nL4N2353MD
    ** The deal was triggered by an interest expressed by
another party, said Infineon, which was part of the sale process
around five weeks ago
    ** CY is the second-most traded stock across U.S. exchanges
in premarket trading
    ** However, acquirer's shares down 8.2% on fears co is
overpaying  urn:newsml:reuters.com:*:nL8N23A0LS
    ** Citi analysts said its initial view was that "the overall
risk-reward profile of the deal is unfavorable," highlighting
execution and regulatory risks and promised long-term synergies
that were hard to substantiate
    ** CY is trading 15.5x fwd earnings and its shares have
jumped ~40% this year

 (Reporting by Sruthi Shankar in Bengaluru)
 ((RM: sruthi.shankar.reuters.com@reuters.net))
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