Infineon: Follow up on M&A reports
As mentioned earlier, Bloomberg reported that Infineon (IFNNY) is nearing a buyout of a U.S. semi co for around $2 billion. While no specific buyout candidate was named, several stocks in the space are moving higher in the wake of the reports. For those considering possibilities, the current market cap of the potential target may be lower than the $2 bln price range named in the reports, as an acquisition would most likely involve some sort of premium to current prices. Stocks in the semi space around that market cap that are seeing the most action this morning include the following:
- Power Integrations (POWI +10%); mkt cap $1.722 bln
- Semtech Corporation (SMTC +9%); mkt cap $1.57 bln
- International Rectifier Corporation (IRF +7%); mkt cap $1.89 bln
- Fairchild Semi (FCS +6%) mkt cap $1.92 bln
- Spansion (CODE +5%); mkt cap $1.18 bln
- Intersil Corporation (ISIL+3% ); mkt cap $1.73 bln
Others not seeing as much strength include: SLAB, MPWR, CY, ENTG, SMTC, OVTI, TSRA, VECO, CRUS, PMCS, DIOD, MTSI, CCMP, AMBA, LSCC, AEIS, BRKS, SEMI, MCRL