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Virage Logic Declares Offer to Acquire ARC International Unconditional in All Respects.

Publication: Business Wire
Publication Date: 15-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
FREMONT, Calif. -- Virage Logic Corporation (NASDAQ:VIRL), the semiconductor industry's trusted IP partner, today announced that it has declared its recommended cash offer to acquire publicly held ARC International plc (LSE:ARK), a leading provider of consumer IP to OEM and semiconductor companies globally, unconditional in all respects. With 84.68% of the ARC shares already tendered into the offer, Virage Logic will proceed to consummate the purchase of this ownership interest in ARC and will have ARC immediately apply to the UK Listing Authority and the London Stock Exchange for the delisting of ARC's shares. This all-cash transaction values ARC at 16.25 pence per share, or an equity value of approximately 25.2 million (approximately $42.0 million) on a fully-diluted basis.

"Although we are declaring the offer unconditional at this point, our objective is to reach 100% acceptance. To date we have acquired approximately 84.68% of the issued share capital of ARC and continue to pursue acceptances of the offer," said J. Daniel McCranie, Virage Logic's executive chairman. "This...

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