The deal values Vitesse at $5.28 per share, a premium of 32 percent over the stock’s 30-day average closing price.
The Camarillo-based firm recorded revenue of $108.5 million, slightly up from $103.8 million the year before.
In a little over a year, investors have twice shown confidence in the turnaround of Vitesse Semiconductor Corp. On June 17, the company netted proceeds of $26.7 million by selling 8.6 million shares of common stock.
Shares of Camarillo-based Vitesse Semiconductor Corp. were down 15 percent to $2.30 in mid-day trading June 19 as the company announced a public stock offering to raise up to $30 million. The move comes as the company faces pressure from Columbia Pacific Advisors, an investment firm that owns nearly 10 percent of Vitesse, to sell Read More →
Vitesse Semiconductor Corp., a Camarillo-based company that makes chips for carrier and enterprise networks, reported a second-quarter net loss of $6.2 million, or 25 cents per share on May 8. The generally accepted accounting principles, or GAAP, numbers were lower than the 7 cent per share loss predicted by analysts. On a non-GAAP basis, the Read More →