U.S. handset maker Cirrus Logic Inc has agreed a deal to purchase British microchip maker Wolfson Microelectronics for 291 million pounds ($489 million) to boost its audio division, the two firms said on Tuesday. In a joint statement, the companies said the price per share of 235 pence represented a premium of 75 percent to the closing price on Monday. ($1 = 0.5950 British Pounds)
Cirrus Logic, Inc. (Cirrus Logic) develops analog and mixed-signal integrated circuits (IC) for a broad range of consumer and industrial markets. Shares of CRUS traded higher by 1.76% or $0.38/share to $22.01. In the past year, the shares have traded as low as $16.46 and as high as $25.91. On average, 1794520 shares of CRUS exchange hands on a given day and today's volume is recorded at 3269044.
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