Broadcom has announced its subsidiary, Broadcom International Ltd., has agreed to terms with the board of Innovision Research & Technology PLC, to make an all-cash offer to acquire all of the issued and to be issued shares of Innovision. Innovision is a leader in near-field communication (NFC) technology.
Under the terms of the offer, Innovision shareholders will receive Pounds Sterling 0.35 (approximately $0.52) per share in cash for each Innovision share held, representing a total equity value of approximately $47.5 million based on current exchange rates. This offer represents a 84.2% premium above the closing price of Innovision common stock on June 17, 2010. Broadcom expects to close the acquisition of Innovision in the third quarter of 2010.