IXYS Completes Acquisition of ClareJune 16, 2002 by Jeff Shepard
IXYS Corp. (Santa Clara, CA) announced the completion of its acquisition of Clare Inc. (Beverly, MA). Under the terms of its merger agreement with Clare, IXYS acquired all of the outstanding stock of Clare in a tax-free merger. Each share of Clare common stock was converted into the right to receive 0.49147 of a share of IXYS common stock. In exchange for the outstanding shares of Clare common stock, IXYS will issue, pursuant to the merger, approximately 4.89 million shares of IXYS common stock. As a result of the merger, Clare is now a wholly owned subsidiary of IXYS.
"It is a pleasure to welcome Clare into the IXYS family. We believe that this merger brings tremendous circuit design cleverness and manufacturing expertise into IXYS," said Nathan Zommer, president and CEO of IXYS. "We are excited by the opportunity to blend Clare's strengths with IXYS' proven technological leadership. We expect that this strategic combination will provide the opportunity to offer a broader line of products and to reach new customers and new markets with the combined companies' product portfolio and with new products. With the support of our shareholders, employees and business partners we expect to rapidly bring our new Clare division to success and profitability."