Santa Clara, Calif. -- Swiss chipmaker STMicroelectronics said on Tuesday that it will acquire Santa Clara-based Genesis Microchip through a cash tender offer worth about $336 million. Genesis, which generated revenue of $191 million for the year ending Sept. 30, is a developer of image and video processing systems used in flat-panel TVs and a variety of consumer and PC-display products. The tender offer, in which Genesis shareholders will receive $8.65 a share, is expected to commence by Dec. 18. STMicroelectronics said that the acquisition will enhance its technological capabilities in the $1.5 billion digital TV market. Upon closing, Genesis will become part of STMicroelectronics' Home Entertainment & Displays Group. Elias Antoun, the president and CEO of Genesis, will lead STMicroelectronics' television and display initiatives.
http://www.gnss.com
http://phx.corporate-ir.net/phoenix.zhtml?c=78051&p=irol-newsArticle&ID=1086005
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