Analysis
National Semiconductor Stockholders Approve Acquisition by Texas Instruments
National Semiconductor Corporation announced that at a special meeting of National’s stockholders held today, the stockholders approved the adoption of the merger agreement by and among National, Texas Instruments Incorporated and Orion Merger Corp., a subsidiary of TI (Merger Sub). Pursuant to the merger agreement, Merger Sub will be merged with and into National, with National as the surviving corporation and a subsidiary of TI, in exchange for the payment to National’s stockholders of $25.00 per share in cash.
Of tThe completion of the merger remains subject to the satisfaction of certain closing conditions, including the receipt of foreign regulatory approvals, and National and TI continue to expect that the merger will close by the end of calendar 2011.