SANTA CLARA, Calif. (AP) – Intel Corp. said Wednesday it has cleared a hurdle in its proposed $884 million takeover of software maker Wind River Systems Inc. as a federal waiting period expired.
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, the world's largest computer chip maker, said the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act expired June 22.
Intel said earlier this month it will buy Wind River in an all-cash deal that will help it expand beyond the PC market (story here ). It said the purchase will benefit its processor and software offerings for embedded systems and mobile devices, which run the gamut from smartphones to networking equipment.
Intel initiated a cash tender offer on June 11 to buy all of Wind River's outstanding shares, including rights to buy shares of Series A Junior Participating Preferred Stock at a price of $11.50 per share.
The tender offer will expire at midnight EDT on July 9 unless it is extended under the merger agreement and Securities and Exchange Commission rules. Expiration of the waiting period satisfies one of the conditions of the tender offer.
Intel shares climbed 29 cents, or 1.8 percent, to close at $16.10. Shares of Wind River Systems rose 3 cents to $11.46.