Phoenix Technologies Agrees to Tender its Shares of inSilicon to Synopsys
SAN JOSE, Calif.--(BUSINESS WIRE)--July 23, 2002--Phoenix
Technologies Ltd. (NASDAQ:PTEC - News), a global leader in device-enabling
and management software products for PCs and connected digital
devices, today announced that it has entered into an agreement to
tender its shares in inSilicon Corporation (NASDAQ:INSN - News), a leading
provider of communications technology for complex systems-on-chip
(SOC), to Synopsys, Inc. (NASDAQ:SNPS - News) in response to a cash tender
offer that Synopsys plans to make for all outstanding shares of
inSilicon under a merger agreement between those companies that was
separately announced today.
Under the terms of the tender agreement with Synopsys, Phoenix
will tender and sell 10,450,010 shares, or 100% of its stake in
inSilicon, in the Synopsys tender offer, for $4.05 per share. The
transaction is subject to certain conditions, including antitrust
clearance and other customary conditions. Phoenix will have a gain on
the sale of its shares of inSilicon.
About Phoenix
Phoenix is a global leader in device-enabling and management
software products for PCs and other connected digital devices. Its
FirstWare(TM) family of "instant on" software activates, secures,
connects and recovers digital devices and is designed into millions of
industry standard desktop, notebook, server, and information appliance
systems sold annually. This enables Phoenix's customers -- specifiers,
developers and manufacturers of user-driver microprocessor systems --
to reduce costs and provide high value-added features to their
customers. Headquartered in San Jose, California, Phoenix Technologies
has offices worldwide. For more information about Phoenix
Technologies, visit our website at http://www.phoenix.com/
About inSilicon
inSilicon Corporation is a leading provider of connectivity
semiconductor intellectual property used by semiconductor and systems
companies to design systems-on-chip that are critical components of
innovative wired and wireless products. inSilicon's technology
provides customers faster time-to-market, reduced risk, and lower
development cost. The company's broad portfolio of analog and
mixed-signal products and enabling connectivity technologies,
including USB, PCI, Ethernet, IEEE-1394, JPEG, and Java(TM)
Acceleration are used in a wide variety of markets encompassing
communications, consumer, computing, multimedia, and office
automation. Additional information about inSilicon and its products
can be located at www.insilicon.com.
About Synopsys
Synopsys, Inc., headquartered in Mountain View, California,
creates leading electronic design automation (EDA) tools for the
global electronics market. The company delivers advanced design
technologies and solutions to developers of complex integrated
circuits, electronic systems and systems on a chip. Synopsys also
provides consulting and support services to simplify the overall IC
design process and accelerate time to market for its customers. Visit
Synopsys at http://www.synopsys.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
With the exception of historical information, the statements set
forth above include forward-looking statements that involve risk and
uncertainties. Factors that could cause actual results to differ
materially from those in the forward-looking statements include but
are not limited to the possibility that the acquisition will not be
completed. Other factors and risks are discussed in the Company's
filings with the Securities and Exchange Commission, including its
recent filings on Form 10-K, filed December 5, 2001 and Form 10-Q
filed on May 14, 2002.
Phoenix and Phoenix Technologies are registered trademarks of
Phoenix Technologies Ltd. Other product names used in this publication
are for identification purposes only and may be trademarks of their
respective companies.
Contact:
Phoenix Technologies Ltd.
John M. Greeley, Sr. VP & CFO, 408/570-1000
Investor_Relations@phoenix.com
or
Sapphire Investor Relations, LLC
Erica Mannion, 408/570-1319
Investor_Relations@phoenix.com
