February 13, 2017 / 9:36 PM / 7 months ago

BRIEF-IDT to acquire Gigpeak for $3.08 per share

Feb 13 (Reuters) - Gigpeak Inc

* IDT to acquire Gigpeak for $3.08 per share

* Deal for approximately $250 million in cash

* Deal for $250 million in cash

* Says boards of directors of both Gigpeak and IDT have unanimously approved terms of merger agreement

* IDT will commence a tender offer to acquire all of issued and outstanding common stock of Gigpeak for $3.08 per share

* Acquisition is structured as an all-cash tender offer for all outstanding issued common stock of Gigpeak followed by a merger

* Gigpeak is expected to be delisted from NYSE market and integrated into IDT thereafter

* Says deal immediately accretive to earnings in first full quarter

* Boards of directors of both Gigpeak and IDT have unanimously approved terms of merger agreement Source text for Eikon: Further company coverage:

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