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Wednesday, October 15, 2014

REFILE-Qualcomm trumps Microchip with $2.5 billion deal for Britain's CSR, (NASDAQ: MCHP)

Qualcomm Inc has agreed to purchase chip maker CSR Plc for $2.5 billion, pushing out its rival Microchip Technology to win the British Bluetooth specialist which is growing in areas like automotive and wearable devices.Qualcomm, the world's number one mobile chipmaker, has agreed to pay 900 pence a share in cash for CSR, representing a 56.5 percent premium on the share price before the start of the offer period, the British company said on Wednesday.Qualcomm's Chief Executive Steven M. Mollenkopf said the addition of CSR's technology leadership in Bluetooth, Bluetooth Smart and audio processing would strengthen Qualcomm's offer in areas like portable audio, automotive and wearable devices."We look forward to working with the innovative CSR team globally and further strengthening our technology presence in Cambridge and the UK," he said.

Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications. Shares of MCHP fell by 1.24% or $-0.48/share to $38.21. In the past year, the shares have traded as low as $37.89 and as high as $50.04. On average, 1818160 shares of MCHP exchange hands on a given day and today's volume is recorded at 6772257.