Alpha and Conexant Achieve Merger Milestone
Alpha Industries Inc. (Woburn, MA) and Conexant Systems Inc. (Newport Beach, CA) announced that the Federal Trade Commission has granted the companies early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the previously announced proposed merger of Conexant's wireless business with Alpha.
The termination of the waiting period satisfies one of the conditions to the merger, pursuant to which Conexant shareowners would receive 0.342 of a share in the new company and Alpha shareholders would continue to hold their existing Alpha shares as shares in the new company. The new company would have approximately 140 million fully diluted shares outstanding, with current Alpha shareholders owning approximately 33 percent and current Conexant shareowners owning approximately 67 percent of the combined company's shares on a fully diluted basis.
Alpha and Conexant currently anticipate that the merger will be completed in the second calendar quarter of 2002. The completion of the merger remains subject to approval by Alpha shareholders and satisfaction of all other closing conditions.