Tuesday, December 16, 2008

LogicVision Rejects Virage Logic Offer

San Jose-based LogicVision said this morning that it has reviewed the unsolicited acquisition proposal it received earlier this month from Virage Logic, and has rejected it because it believes the offer is "inadequate and not in thhe best interests of LogicVision's stockholders." The developer of built-in-self-test products for the semiconductor industry said it reviewed the proposal with the help of Needham & Company, LLC and Pillsbury Winthrop Shaw Pittman LLP. Virage Logic had offered to buy LogicVision on December 2, 2008, for $1.05 per share of LogicVision's stock. The deal is worth approximately $10M. Separately, LogicVision said it adopted a stockholders rights plan to guard against a takeover attempt.