ADI公司收購凌力爾特 開創全球首要的領先類比技術公司

LLTC) (「Linear Technology」)於美東時間7月26日宣佈雙方已達成最終協議，ADI

公司以現金和股票交易方式收購凌力爾特公司，合併後公司總市值約為300億美元(1)。收購完成之後，ADI

公司將成為全球首要的領先類比技術公司，預計年度收入近50億美元。

ADI公司收購凌力爾特 開創全球首要的領先類比技術公司 根據協定條款，交易結束後，持有凌力爾特公司普通股的股東，每股可兌換46美元現金和0.2321股

ADI 公司普通股。在本次交易中，凌力爾特公司股份估價為每股約60美元(1)，這表示凌力爾特公司的股權價值約為 148億美元(1)。

ADI 公司總裁兼執行長 Vincent Roche 表示：「ADI

公司和凌力爾特公司的合併將半導體行業最強的兩家業務和技術公司聯合起來。我們共同專注於卓越的工程設計，將高度互補的行業領先產品進行組合，有利於解決客戶在真實世界和數位世界交融時面臨的最難、最複雜的挑戰。我們為工業、汽車和通訊基礎設施的客戶創設一個無可比擬的創新和支援夥伴。此次收購對我們的客戶、員工和業界意義深遠，我對此感到非常激動。」

凌力爾特公司執行主席兼聯合創始人 Bob Swanson 補充：「35年以來，凌力爾特公司藉由有機式的業務增長，取得了巨大成功。然而，凌力爾特和 ADI

的合併潛力無限，有希望真正達到一加一大於二的效果。因此，凌力爾特公司董事會認為這次交易極具吸引力，可以帶給股東切實的利益，合併後公司股票也有望升值。ADI

公司聲名遠播。技術優勢的互補結合給了我們絕佳的機會，可以藉此增強我們在類比和功率半導體市場上的領導力，增加股東權益。凌力爾特和 ADI

將共同推進技術發展，向全球客戶提供創新的類比解決方案。我們致力於攜手 ADI 團隊，確保平穩過渡。」

引人注目的戰略和財務效益

* 全球高性能類比產業領導者：此次合併有望創造一個全球高性能類比產業的領導者，產品涉及資料轉換器、電源管理、放大器、介面、RF 和微波產品等。

* 高度互補的業務：高度互補的產品組合締造業界最全面的高性能類比方案，ADI 公司的目標市場總額也從80億美元增長到140億美元。

* 領先地位及對客戶的承諾：合併後公司將在各大高性能類比產品類別中成為領導者，並共同致力於為客戶提供最高水準的創新、服務和支援。

* 在具有吸引力的市場中加速創新進程和收入增長：卓越的工程經驗和專業知識的獨特結合將加快工業、汽車和通訊基礎設施市場中創新進程和收入增長的機遇。

* 一流的財務模式：創新和卓越工程經驗的價值體現在一流的財務模式、非一般公認會計原則計算的利潤和自由現金流。

* 增值性交易：此次交易有望讓 ADI 公司非一般公認會計原則計算的每股收益和自由現金流立刻獲得增長。ADI

公司預計在交易結束後18個月內達到年度成本協同效益1.5億美元。 Roche

先生總結表示：「我們對凌力爾特品牌抱有最大誠意的尊重和讚賞。毫無疑問，我們兩家公司的結合將會締造值得信賴的產業領導者，為雙方的股東創造出巨大價值。」

交易結束後，ADI 公司總裁兼執行長 Roche 先生將繼續擔任合併後的公司總裁兼執行長，ADI 公司高級副總裁和首席財務官 David Zinsner

將繼續擔任合併後的公司高級副總裁和首席財務官。ADI

公司和凌力爾特公司計畫為合併後的公司打造一支強大的領導團隊，涵蓋兩家公司各個職能部門的代表。凌力爾特品牌將繼續作為ADI公司電源管理產品的品牌。合併公司將沿用

Analog Devices, Inc. 的名字並繼續在納斯達克以 ADI 作為代碼進行交易。

交易結構和交易條款

根據協定條款，交易完成時，持有凌力爾特公司普通股的股東，每股可兌換46美元現金和0.2321股 ADI

公司普通股。在本次交易中，凌力爾特公司股份估價為每股約60美元(1)，這表示凌力爾特公司的股權價值約為148億美元(1)

。交易結束後，凌力爾特公司股東將擁有合併公司約16%的完全稀釋股數。ADI 公司計畫透過以下方式為本次交易籌資：約5800萬股 ADI

公司新普通股、約73億美元新型長期債務以及合併公司資產負債表現金的剩餘部分。新型長期債務由全額包銷的過渡性貸款承諾承擔，預計包括定期貸款和債券，尤其是預付債務，以便快速減債。

兩家公司的董事會已一致批准本次交易。本次交易預計將在2017年上半年末完成，需要通過各司法管轄監管部門的批准以及凌力爾特公司股東的批准，還需要滿足其他例定成交條件。

ADI公司財務預報

ADI公司同時縮小範圍並提高了2016財年第三季度的財務預報，營收預計約為8.65億美元，每股稀釋收益為0.71至0.72美元，非一般公認會計原則每股稀釋收益預計為0.77至0.78美元。非一般公認會計原則每股收益預估反映了攤銷購買無形資產和已購固定資產強化價值貶值的預期調整，資產價值總計1900萬美元。

顧問

瑞信是ADI公司的全權財務顧問，Wachtell、Lipton、 Rosen & Katz

律師事務所以及威凱平和而德律師事務所為其法律顧問。摩根大通、美銀美林和瑞信為本次融資交易提供債務承諾。Qatalyst Partners

是凌力爾特公司的全權財務顧問，Jones Day 為其法律顧問。

電話會議和直播資訊

ADI公司和凌力爾特公司管理層將已於美國東部時間2016年7月26日下午5:00召開電話會議，討論交易細節。

會議將提供重播（資料開放兩周），屆時可撥打(855) 859-2056（僅限重播）並提供會議ID：56173988，也可訪問

investor.analog.com ，以獲得重播資料。

關於ADI公司

Analog Devices,

Inc.（簡稱ADI）始終致力於設計與製造先進的半導體產品和優秀的解決方案，憑藉傑出的感測、測量和連接技術，搭建連接真實世界和數位世界的智慧化橋樑，從而協助客戶重新認識周圍的世界。詳情請瀏覽

ADI 官網http://www.analog.com/

。

關於凌力爾特公司

凌力爾特公司 (Linear Technology) 是 S&P 500 指數的成員，在過往的 30

多年，一直致力於為全球主要的公司設計、製造和銷售門類寬泛的高性能類比積體電路。凌力爾特的產品為我們身處的類比世界與數位化電子建立起不可或缺的橋樑，應用範圍包括通信、網路、工業、汽車、電腦、醫療、儀錶、消費、以及軍事和航太系統等領域。凌力爾特製造的產品包括電源管理、資料轉換、信號調理、RF

和介面 IC、μModule?子系統、以及無線感測器網路產品。如需更多資訊，請登錄http://www.linear.com

。

註：

(1)截至2016年7月21日，彭博顯示的 ADI 公司5日成交量加權平均價為60.3215美元。

Forward Looking Statements

This press release contains forward-looking statements, which address a

variety of subjects including, for example, the expected timetable for closing

of the transaction between Analog Devices, Inc. ("Analog Devices") and Linear

Technology Corporation ("Linear Technology"), the expected benefits and

synergies of the transaction, including the effect of the transaction on Analog

Devices' revenues, non-GAAP earnings, free cash flow, capital returns and

expected growth rates of the combined companies, Analog Devices' expected

product offerings, product development, marketing position and technical

advances resulting from the transaction, the availability of debt financing for

the transaction, Analog Devices' timing and ability to repay the debt and

Analog Devices' guidance for its third quarter of fiscal 2016. Statements that

are not historical facts, including statements about our beliefs, plans and

expectations, are forward-looking statements. Such statements are based on our

current expectations and are subject to a number of factors and uncertainties,

which could cause actual results to differ materially from those described in

the forward-looking statements. The following important factors and

uncertainties, among others, could cause actual results to differ materially

from those described in these forward-looking statements: the ability to

satisfy the conditions to closing of the proposed transaction, on the expected

timing or at all; ?the ability to obtain required regulatory approvals for the

proposed transaction, on the expected timing or at all, including the potential

for regulatory authorities to require divestitures in connection with the

proposed transaction; the occurrence of any event that could give rise to the

termination of the merger agreement; the risk of stockholder litigation

relating to the proposed transaction, including resulting expense or delay;

higher than expected or unexpected costs associated with or relating to the

transaction; the risk that expected benefits, synergies and growth prospects of

the transaction may not be achieved in a timely manner, or at all; the risk

that Linear Technology's business may not be successfully integrated with

Analog Devices' following the closing; the risk that Analog Devices and Linear

Technology will be unable to retain and hire key personnel; and the risk that

disruption from the transaction may adversely affect Linear Technology's or

Analog Devices' ?business and relationships with their customers, suppliers or

employees. For additional information about factors that could cause actual

results to differ materially from those described in the forward-looking

statements, please refer to both Analog Devices' and Linear Technology's

filings with the Securities and Exchange Commission ("SEC"), including the risk

factors contained in each of Analog Devices' and Linear Technology's most

recent Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.

Forward-looking statements represent management's current expectations and are

inherently uncertain. Except as required by law, we do not undertake any

obligation to update forward-looking statements made by us to reflect

subsequent events or circumstances.

Important Additional Information Will Be Filed With The SEC

In connection with the proposed transaction, Analog Devices and Linear

Technology intend to file relevant information with the SEC, including a

registration statement of Analog Devices on Form S-4 (the "registration

statement") that will include a prospectus of Analog Devices and a proxy

statement of Linear Technology (the "proxy statement/prospectus"). ?INVESTORS

AND SECURITY HOLDERS OF LINEAR TECHNOLOGY ARE URGED TO CAREFULLY READ THE

ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT

DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL

CONTAIN IMPORTANT INFORMATION ABOUT ANALOG DEVICES, LINEAR TECHNOLOGY AND THE

PROPOSED TRANSACTION. A definitive proxy statement/prospectus will be sent to

Linear Technology's shareholders. The registration statement, proxy

statement/prospectus and other documents filed by Analog Devices with the SEC

may be obtained free of charge at Analog Devices' website atwww.analog.com

or at the SEC's website at www.sec.gov

. These documents may also be obtained free of charge from

Analog Devices by requesting them by mail at Analog Devices, Inc., One

Technology Way, P.O. Box 9106,Norwood, MA 02062-9106, Attention: Investor

Relations, or by telephone at (781) 461-3282. The documents filed by Linear

Technology with the SEC may be obtained free of charge at Linear Technology's

website atwww.linear.com or at the SEC's website at

www.sec.gov . These documents may also be obtained free of

charge from Linear Technology by requesting them by mail at Linear Technology

Corporation, 1630 McCarthy Blvd.,Milpitas, CA, 95035-7417, ?Attention: Investor

Relations, or by telephone at (408) 432-2407.

Participants in the Solicitation

Linear Technology, Analog Devices and certain of their directors, executive

officers and employees may be deemed participants in the solicitation of

proxies from Linear Technology shareholders in connection with the proposed

transaction. Information regarding the persons who may be deemed to be

participants in the solicitation of Linear Technology shareholders in

connection with the proposed transaction, including a description of their

direct or indirect interests, by security holdings or otherwise, will be set

forth in the proxy statement/prospectus when it is filed with the SEC.

Information about the directors and executive officers of Analog Devices and

their ownership of Analog Devices' common stock is set forth in the definitive

proxy statement for the Analog Devices' 2016 annual meeting of shareholders, as

previously filed with the SEC onJanuary 28, 2016. Information about the

directors and executive officers of Linear Technology and their ownership of

Linear Technology common stock is set forth in the definitive proxy statement

for Linear Technology's 2015 annual meeting of shareholders, as previously

filed with the SEC onSeptember 17, 2015. ?Free copies of these documents may be

obtained as described in the paragraphs above.

Non-Solicitation

This communication shall not constitute an offer to sell or the solicitation

of an offer to sell or the solicitation of an offer to buy any securities, nor

shall there be any sale of securities in any jurisdiction in which such offer,

solicitation or sale would be unlawful prior to registration or qualification

under the securities laws of any such jurisdiction. No offer of securities

shall be made except by means of a prospectus meeting the requirements of

Section 10 of the Securities Act of 1933, as amended.

圖片- http://photos.prnasia.com/prnh/20160728/0861607620

消息來源 ADI