VLSI rejects Philips offer, seeks options

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VLSI rejects Philips offer, seeks options

VLSI Technology Inc. rejected a $777 million hostile bid from the Dutch electronics giant Philips Electronics NV, but the computer chip maker left the door open for a higher offer or a merger with another company.

In a statement, VLSI said it rejected Philips’ $17-per-share offer based on presentations from financial advisers, but the chip maker said it believed “interested parties,” which could include Philips, will recognize “the strong business potential” of the company.