Integrated Device Technology buy-out rumours suspect

Suspicious_SmurfUS chipmaker Integrated Device Technology (IDTI) appeared to be about to be bought out by a shareholder investor group on Monday.

A regulatory filing by a group identifying itself as Integrated Device shareholders said it made an offer to buy the company for $32 per share in cash. The price represented a 64 percent premium to Monday’s close and valued the company at $4.3 billion.

But the filing was the first and only information that Integrated Device has received from this group.

Company’s chief executive, Greg Waters, said the company has not communicated with any of these parties.

Waters said the company is unaware of any other information that would support a determination that the group’s proposal represents a credible bona fide offer. He said the company will evaluate further information received to determine the credibility of the offer.

The filing made with the Securities and Exchange Commission said that the  investor group is comprised of six Chinese and one Pakistani citizens, and is led by Libin Sun, who owns a 4.4 percent stake in the company.

The filing showed that Nauman Aly, who held a 0.1 percent stake, had acquired a block of call options for IDTI shares.

However Aly appeared to have sold all his IDTI calls for a profit of about $427,700, roughly matching the activity in those two minutes of trading.