Japan's Murata Manufacturing Co Ltd said it would purchase the part of U.S. radio frequency chipmaker Peregrine Semiconductor Corp it does not already own for $465 million in cash, as it looks to strengthen its RF business.The $12.50 per share offer is at a premium of 62.5 percent to Peregrine's Thursday close of $7.69. Peregrine stock rose about 62 percent to $12.43, making it the biggest percentage gainer in early trading on the Nasdaq.Murata Manufacturing is one of the world's biggest makers of ceramic capacitors - tiny parts that control the flow of electricity in a variety of products, including TVs, car engine controls and gaming consoles.It is also one of Peregrine's top customers and sources most of its RF switch requirements from the U.S.-based company.
Peregrine Semiconductor Corporation (Peregrine) is engaged in the design, manufacturing and marketing radio frequency integrated circuits (RFICs) for the aerospace and defense, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets. Shares of PSMI traded higher by 61.18% or $4.705/share to $12.40. In the past year, the shares have traded as low as $4.75 and as high as $11.76. On average, 163448 shares of PSMI exchange hands on a given day and today's volume is recorded at 5428417.
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