This morning a few of us were remarking the paucity of US deals. We made it trhrough the day anyway. And just when you thought this week was to kick off without a Merger Monday, we get this after the closing bell…
From PR Newswire visa Yahoo:
DALLAS and SANTA CLARA, Calif., April 4, 2011 /PRNewswire/ — Texas Instruments Incorporated and National Semiconductor today announced they have signed a definitive agreement under which TI will acquire National for $25 per share in an all-cash transaction of about $6.5 billion. The acquisition combines two industry leaders in analog semiconductors, each with unique strengths in delivering products to improve performance and efficiency and convert real-world signals in electronic systems. The boards of directors of both companies have unanimously approved the transaction.
Jolly good. I’m not a fan of either stock and probably won’t care much for the slammed-together company…but Merger Monday is still in effect. Expect some sick action out of the SOX names after hours as we all play the “who’s next” game. Tech had been weakening as a sector lately so this might be the shot in the arm needed.