Philips Electronics NV has launched a $777 million hostile bid for VLSI Technology Inc.
Philips cash tender offer for all outstanding shares of VLSI at $17.00 each was followed immediately by a lawsuit, in which Philips sued VLSI to prevent it from using a so-called poison pill defense. Such a defensive action is aimed at preventing a hostile takeover by making it prohibitively expensive.
The tender offer is currently valid until midnight EST on April 1, 1999.
Shares of VLSI closed on Friday at $18.31. News about Philips is available at http://www.news.philips.com.