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IFNNY

Infineon

$0.00

(0.00%)

, CY

Cypress Semiconductor

$17.82

-0.075 (-0.42%)

05:59
06/03/19
06/03
05:59
06/03/19
05:59

Infineon to acquire Cypress Semi in deal with enterprise value of EUR9B

Infineon Technologies (IFNNY) and Cypress Semiconductor Corporation (CY) announced that the companies have signed a definitive agreement under which Infineon will acquire Cypress for $23.85 per share in cash, corresponding to an enterprise value of EUR9B. The companies said that expected economies of scale will create cost synergies of EUR180M per annum by 2022. The complementary portfolios will enable the offering of further chip solutions with a revenue synergies potential of more than EUR1.5B per annum in the long term. The offer price represents a 46% premium to Cypress's unaffected 30-day volume-weighted average price during the period from 15 April to 28 May 2019, the last trading day prior to media reports regarding a potential sale of Cypress. Cypress expects to continue its quarterly cash dividend payments until the transaction closes. This includes Cypress's previously announced quarterly cash dividend of 11c per share, payable on July 18, 2019 to holders of record of Cypress's common stock at the close of business on June 27, 2019. The funding of the acquisition is fully underwritten by a consortium of banks. Infineon is committed to retaining a solid investment grade rating and, consequently, Infineon intends to ultimately finance approximately 30 percent of the total transaction value with equity and the remainder with debt as well as cash on hand. The financial policy to preserve a strategic cash reserve remains in place. The acquisition is subject to approval by Cypress's shareholders and the relevant regulatory bodies as well as other customary conditions. The closing is expected by the end of calendar year 2019 or early 2020. Hassane El-Khoury, President and CEO of Cypress, said: "The Cypress team is excited to join forces with Infineon to capitalize on the multi-billion dollar opportunities from the massive rise in connectivity and computing requirements of the next technology waves. This announcement is not only a testament to the strength of our team in delivering industry-leading solutions worldwide, but also to what can be realized from uniting our two great companies. Jointly, we will enable more secure, seamless connections, and provide more complete hardware and software sets to strengthen our customers' products and technologies in their end markets. In addition, the strong fit of our two companies will bring enhanced opportunities for our customers and employees."

IFNNY

Infineon

$0.00

(0.00%)

CY

Cypress Semiconductor

$17.82

-0.075 (-0.42%)

  • 11

    Jun

  • 12

    Jun

IFNNY Infineon
$0.00

(0.00%)

10/17/18
EXAN
10/17/18
UPGRADE
EXAN
Neutral
Infineon upgraded to Neutral from Underperform at Exane BNP Paribas
02/22/19
COWN
02/22/19
INITIATION
COWN
Outperform
Infineon initiated with an Outperform at Cowen
Cowen analyst Matthew Ramsay initiated Infineon with an Outperform rating as he believes the company represents a power silicon "powerhouse" tied to the secular trend of electric vehicles growth and to growth of their required charging infrastructure. Ramsay views Infineon shares as a top pick, he added.
03/07/19
EXAN
03/07/19
UPGRADE
EXAN
Outperform
Infineon upgraded to Outperform from Neutral at Exane BNP Paribas
05/08/19
SOCG
05/08/19
DOWNGRADE
SOCG
Hold
Infineon downgraded to Hold from Buy at Societe Generale
Societe Generale analyst Alexander Peterc downgraded Infineon to Hold from Buy with a price target of EUR 22.
CY Cypress Semiconductor
$17.82

-0.075 (-0.42%)

05/30/19
MZHO
05/30/19
NO CHANGE
Target $18
MZHO
Buy
Cypress Semiconductor an attractive takeover target, says Mizuho
After Bloomberg reported yesterday that Cypress Semiconductor is potentially looking into a sale after receiving takeover interest, Mizuho analyst Vijay Rakesh says the company's long-term roadmap in "higher-growth" Automotive, Industrial and Internet of Things markets, along with improving gross margin and a "modest" valuation, make it an attractive takeover target. The analyst, however, believes there could be regulatory hurdles globally with any possible deal. He keeps a Buy rating on Cypress Semiconductor shares with an $18 price target.
05/30/19
MSCO
05/30/19
UPGRADE
Target $15.5
MSCO
Equal Weight
Cypress Semiconductor upgraded to Equal Weight at Morgan Stanley
As previously reported, Morgan Stanley analyst Craig Hettenbach upgraded Cypress Semiconductor to Equal Weight from Underweight and raised his price target for the shares to $15.50 from $11.50 following press reports indicating that the company is exploring strategic options. His new bull case value of $21 brings his valuation for the connectivity business in-line with the multiple NXP Semiconductors (NXPI) is paying for Marvell's (MRVL) connectivity business, but Hettenbach noted that if fundamentals deteriorate further and a deal does not take place, the stock could trade back down toward $11, which is his new bear case valuation.
05/30/19
RHCO
05/30/19
NO CHANGE
Target $17
RHCO
Hold
Cypress Semiconductor takeout valuation 'priced in', says SunTrust
SunTrust analyst William Stein kept his Hold rating and $17 price target on Cypress Semiconductor, saying that although the company received a takeout offer yesterday, he sees the potential deal valuation as "mostly priced in." The analyst estimates a $19 per share takeout offer based on the valuation of the recent transactions in the semiconductor industry, which is not enough to warrant M&A speculation premium.
05/30/19
05/30/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Citi (C) upgraded to Buy from Neutral at Goldman Sachs with analyst Richard Ramsden saying he sees a "realistic path" to a 13% return on tangible common equity in 2020 for Citi, or 100 basis points ahead of market expectations, which he notes is not contingent on either higher interest rates or strengthening global growth trends. 2. Comcast (CMCSA) upgraded to Buy from Neutral at Guggenheim with analyst Mike McCormack saying the company's successful pivot from primarily a video distributor to a connectivity company "has been fairly smooth." 3. Zynga (ZNGA) upgraded to Overweight from Equal Weight at Stephens with analyst Jeff Cohen saying the continued acceleration of recent acquisitions and the fact that Social Casino could be poised for a second half re-acceleration give him additional confidence in Zynga's live service portfolio. 4. Penumbra (PEN) upgraded to Overweight from Neutral at JPMorgan with analyst Robert Marcus saying the Street is overly focused on competitive entrants to the stroke aspiration market. 5. Cypress Semiconductor (CY) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Craig Hettenbach citing press reports indicating that the company is exploring strategic options. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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LEVI

Levi Strauss

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CSCO

Cisco

$45.17

0.07 (0.16%)

18:17
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ABBV

AbbVie

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  • 07

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BILI

Bilibili

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WUBA

58.com

$50.26

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BILI

Bilibili

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WUBA

58.com

$50.26

-1.35 (-2.62%)

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BILI

Bilibili

$16.39

-0.32 (-1.92%)

18:01
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Earnings
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  • 18

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DDOG

Datadog

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17:55
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Conference/Events
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ZS

Zscaler

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-1.37 (-2.99%)

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$150.35

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17:51
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17:51
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17:51
Initiation
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OKTA

Okta

$121.21

3.76 (3.20%)

17:51
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PANW

Palo Alto Networks

$248.50

1.465 (0.59%)

17:48
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17:48
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17:48
Initiation
Palo Alto Networks initiated at DA Davidson »

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