Fremont-Based Virage Logic Makes Unsolicited Bid for LogicVision

Fremont, Calif. -- Unable to work out an amicable deal to acquire the company, Fremont-based Virage Logic, a provider of semiconductor intellectual property for the design of complex integrated circuits, said on Wednesday that it has made an unsolicited offer to buy San Jose-based silicon test firm LogicVision. The cash offer of $1.05 a share values LogicVision at $10 million. Virage Logic said that it approached LogicVision in November about a possible deal, but was told the company was "not for sale." "Your refusal to engage in negotiations regarding a possible sale of the company appears to be premised on unrealistic expectations regarding the future prospects of LogicVision," Chairman Daniel McCranie wrote in a letter to the company's board. "We continue to believe that such a transaction would be to our companies' mutual benefit."
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