LSI Logic To Acquire Agere Systems In $4B Stock Deal
CNBC's Bob Pisani gave his insight--here are more of the details. LSI Logicwill acquire Lucent spin-off Agere Systems for $4 billion in stock. The deal values Agere at $22.81 per share. That’s a 28% premium to Friday’s closing price of $17.79. Shares of Agere have jumped in pre-market trading today – reaching $20.71.
LSI Logic CEO Abhi Talwalker had his first ever CNBC-TV interview this morning. He called the merger “a strategic combination that really brings together two companies to establish a powerhouse” in the sector. Talkwalker’s company will own 52% of the new venture. The newly combined firm will use the LSI Logic name.
LSI shares were about a quarter lower than the Friday close of $10.56.