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The Hillsboro-based fabless semiconductor company (Pink Sheets: MATH), whichj shut down operations more than ayear ago, said it is considerint a merger with a privately-held company that coulds use MathStar’s cash reserves for according to a filing made Frida with the federal Securities and Exchange MathStar said it is also considering a move to restarty operations thanks to an opportunituy to acquire a new video technologyh similar to one previously created by MathStar. MathStatr was once a developer of a promising programmablre semiconductor technology that drew interestfrom high-profil customers such as LG Electronics USA and Arro w Electronics Inc.
But the company shut down its semiconductor operations in May 2008 afterd raisingabout $137 million from investora and never recording a It ended 2008 with a $14.t6 million loss. Investors — including the company’s two largesr shareholders — have been pressuring the companyto liquidate. A prox vote on the issue is scheduled to take plac e atthe company’s annual shareholders meetingv on June 29 in Minneapolis.
MathSta has been opposed to saying it preferred to merge with anothef semiconductor company that could make use ofits $14 milliohn cash balance as of Marchn 31 and $140 million net operating In the SEC filing, MathStar’s board urger stockholders to reject a tender offer made last montb by LLC of $1.14 per share. Besides the company’ss other strategic alternatives, the board said Tiberiuss only wants to acquire 51 percentof shares, the benefit of MathStar’as net operating losses would likely be eliminated in the acquisition, and the offefr is far less than the company’s estimated $1.40 per sharee liquidation value.
Meanwhile, Minnesota-based , which makes buildingv performance software, last week made its fourthy offer for the offering $1.28 per share. MathSta r has previously rejected PureChoice on the groundsw that it prefers merging with anothertsemiconductor company. It seems history will repeat In the SEC MathStar said the unidentified private company it is nowconsiderinv “meets many of the criteria the Boardc set forth earlier regarding potential strategic MathStar shares were unmoved Friday at $1.22 per share.
They have a 52-weeo range between 63 cents and
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