Sunnyvale-Based SST Looking to Go Private Through Sale

Sunnyvale, Calif. -- Silicon Storage Technology (SST), a Sunnyvale-based developer of flash memory semiconductor products, said that it has agreed to be acquired by Prophet Equity and company management in a deal that would take the company private. Under the deal, Prophet will pay $2.10 a share for all of the company's stock, except for shares owned by Bing Yeh, SST's chairman and CEO, and Yaw Wen Hu, its executive vice president and COO. The two will trade their shares for shares in the resulting privately held company. The agreement contains a provision that lets a special committee solicit competing offers for 45 days. "We believe that this transaction provides the greatest likelihood of achieving the highest value for the company's shareholders, and that this is also in the best interest of our customers, partners and employees," said Yeh. "We believe the added flexibility of being a private company will help us to focus on delivering innovative memory and non-memory solutions to our customers and supporting their needs with the highest levels of service that they have come to expect."
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