Littelfuse and IXYS Set Election Deadline for Proposed Merger
Littelfuse, Inc. and IXYS Corporation today announced the election deadline by which IXYS stockholders of record may elect to receive cash, shares of Littelfuse common stock or both as merger consideration in connection with the Littelfuse acquisition of IXYS. The election deadline is 5:00 p.m. Eastern Time on January 12, 2018.
The parties expect to close the transaction on January 17, 2018. However, the closing remains subject to the conditions of the Agreement and Plan of Merger that Littelfuse and IXYS entered into on August 25, 2017, as amended, including the adoption of the merger agreement by IXYS stockholders.
IXYS stockholders of record wishing to make an election must deliver to Computershare Trust Company, N.A. a properly completed election form and letter of transmittal and any other applicable election materials by the election deadline of 5:00 p.m. Eastern Time on January 12, 2018.
IXYS stockholders that hold their shares through a bank, broker or other nominee may be subject to an earlier deadline for making their elections, based on the instructions of their banks, brokers or other nominees.
Each IXYS stockholder will be entitled to receive, for each share of IXYS common stock held immediately prior to the closing of the transaction, (i) $23.00 in cash, less any applicable withholding tax and without interest (the cash consideration), or (ii) 0.1265 of a share of Littelfuse common stock (the stock consideration).
The merger consideration is subject to proration so that 50% of the shares of IXYS common stock outstanding immediately prior to the closing of the transaction will be converted into the cash consideration and the remaining shares of IXYS common stock will be converted into the stock consideration.
Each IXYS stockholder will receive cash in lieu of any fractional shares of Littelfuse common stock that the stockholder otherwise would be entitled to receive. Each IXYS stockholder that does not submit properly completed election materials to Computershare by the election deadline will be treated as having elected to receive the cash consideration or the stock consideration in accordance with the proration methodology in the merger agreement.