Catalyst Semiconductor Inc. (Sunnyvale, CA), a developer and marketer of programmable products used in telecommunications, automotive and consumer markets, announced an agreement to repurchase 600,000 restricted shares of its common stock held by Elex NV (Belgium) in a private transaction for per-share consideration of $6.7686.
The shares being repurchased have limited voting rights and cannot be readily sold on the open market. The repurchase is expected to close in the near future. Prior to this repurchase, Elex owned approximately 24.6 percent of the company's outstanding shares. Following the repurchase, Elex will continue to hold 3.6 million shares of Catalyst Semiconductor common stock, representing approximately 21.9 percent of the company's outstanding shares. The company will convert the purchased shares to treasury stock, reducing its shares outstanding to approximately 16.4 million shares.
