Intel acquires 89 percent of Wind River shares
SANTA CLARA, Calif. (AP) – Intel Corp., which is the world's largest computer chip maker, said Friday that the offering period for its tender offer to buy all outstanding shares of software maker Wind River Systems Inc. ended Thursday.
Intel said in June that it would pay $11.50 per share for Wind River in a deal that valued the company at $884 million. Wind River's software started as a way to help Francis Ford Coppola edit movies, and has since been used in NASA's Mars rovers, fighter-jet control panels, TV set-top boxes and mobile devices.
Intel said Friday that 69 million Wind River common shares – 89 percent of the company's common shares – were validly tendered and not withdrawn.
Intel also said it will start a separate offering period to buy the remaining shares of Wind River, which began Friday and will last until 12 a.m. on July 15 unless it is extended.
After this offering period, Intel will finish the purchase in the form of a "short-term merger," which means Wind River's remaining shareholders will not vote or meet on the deal.
Intel cleared a regulatory hurdle related to the takeover last month, when it said that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired June 22.
Intel shares dipped 3 cents to $15.99, while Wind River shares rose 2 cents to $11.51.