Unitrode Corp. to Pay $145.5 Million in Stock To Buy Benchmarq
MERRIMACK, N.H. -- Unitrode Corp. said it agreed to acquire Benchmarq Microelectronics Inc. of Dallas in a deal valued at about $145.5 million at yesterday's share price in a merger of two makers of specialized semiconductors.</br></br>Under terms of the agreement, Unitrode will exchange one share for each of Benchmarq's eight million shares outstanding. In Nasdaq Stock Market trading, Benchmarq shares rose 87.5 cents to $17.125. In New York Stock Exchange composite trading, Unitrode stock fell 62.5 cents to $18.1875.</br></br>Terms of the deal will be adjusted if Unitrode shares fall below $16 or rise above $24, and not more than 1.33 million Unitrode shares will be issued as part of the deal, subject to approval by holders of each company's stock.</br></br>Unitrode specializes in semiconductors that manage power use in computers. Benchmarq's specialty is battery-management systems that lets users gauge remaining power in their portable computers and cellular phones.</br></br>Robert J. Richardson, president and chief executive officer of Unitrode, will become chairman and CEO of the combined companies. Alan R. Schuele, president and CEO of Benchmarq, will become president and chief operating officer.