OTTAWA, Ontario, 18 April 2009. Officials at Tundra Semiconductor Corp. and Gennum Corp. have amended the terms of their previous arrangement agreement, providing for the acquisition by Gennum of all the issued and outstanding common shares of Tundra. Gennum has increased the aggregate purchase price for all the Tundra shares from approximately $86 million Canadian to approximately $112 million Canadian, representing an increase of approximately 31 percent.
The Tundra Board of Directors has unanimously approved the Arrangement, as amended, and confirmed its determination that the increased purchase price payable to Tundra shareholders is fair and that the Arrangement, as amended, is in the best interests of Tundra, and continues to recommend that Tundra shareholders vote in favor of the Arrangement, as amended.
If all necessary approvals are obtained and the conditions contained in the Arrangement Agreement, as amended, are satisfied, Tundra and Gennum continue to expect that the Arrangement, as amended, will close on or about June 1, 2009.
