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Chipmaker Microchip to buy Supertex for $394 mln in cash

Reuters

(Reuters) - Chipmaker Microchip Technology Inc said it would buy Supertex Inc for $394 million in cash to bolster its business that supplies to the medical, LED lighting, industrial and telecommunication industries.

The offer of $33 per share represents a premium of 35 percent to Supertex stock's Friday closing price of $24.38.

Supertex shares rose slightly above the offer price to a high of $33.15 in early trading.

Microchip expects the deal to add to its adjusted earnings per share in the first full quarter after completion, likely by the second quarter of 2014.

Supertex makes high voltage analog and mixed signal chips.

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Supertex's stock was up 35.4 percent at $33 in morning trade on the Nasdaq on Monday. More than 840,000 Supertex shares changed hands by 11:10 a.m. ET, 15 times their 10-day moving average.

Microchip shares were up marginally at $44.73.

(Reporting By Aurindom Mukherjee in Bangalore; Editing by Sriraj Kalluvila)