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Spansion to Buy Saifun for $368 Million

Microchip maker Spansion said it will acquire Israeli flash memory developer, Saifun Semiconductors , in a stock and cash deal valued at $368 million to expand into technology licensing business.

Under the deal, each Saifun shareholder will receive 0.7429 shares of Spansion common stock and about $5.05 per share in cash for each share of Saifun common stock, the company said in a statement.