- 以產生82億美元營收[1]的產品組合創造持續成長趨勢，擴展業務規模和多樣性
- 增加專業領域知識，擴展工程技術能力，以開發出更完整的解決方案，解決客戶複雜的問題與挑戰
- 預計將在交易結束時增加自由現金流，在交易結束後18個月內提升調整後每股收益(EPS)，並在第二年年底實現2.75億美元的成本協同效益
台北2020年7月14日 /美通社/ -- Analog Devices, Inc. (Nasdaq：ADI)和Maxim Integrated Products, Inc. (Nasdaq：MXIM) 7月13日宣佈雙方已達成最終協議，ADI以全股交易方式收購Maxim，合併後公司總市值超過680億美元[2]。兩家公司董事會已一致批准本次交易。透過拓展於多個極具吸引力之終端市場業務廣度和規模，本次交易將進一步強化ADI的類比半導體領導地位。
根據協定條款，交易結束後，持有Maxim普通股的股東，每股可兌換0.630股ADI普通股。交易結束後，ADI的現有股東將持有合併後公司大約69%的股份，而Maxim股東將持有大約31%的股份。本次交易旨在獲得美國聯邦所得稅法免稅重組資格。
ADI總裁暨執行長Vincent Roche表示：「我們今日與Maxim共同發表振奮人心的聲明，詮釋了ADI搭建連接現實與數位世界橋樑之願景的下一步舉措。ADI和Maxim均致力於解決客戶複雜的問題，合併後，我們將進一步拓展技術和人才的廣度和深度，以開發更完整的領先解決方案。Maxim為一家享有盛譽的訊號處理和電源管理公司，擁有成熟的技術組合和令人印象深刻的設計創新歷史。透過強強聯合，我們將共同努力以實現半導體產業的下一波成長，同時為所有人創造一個更健康、更安全、更永續的未來。」
Maxim Integrated總裁暨執行長Tunc Doluca表示：「在過去三十多年裡，我們一直堅守信念：不斷創新並開發高性能半導體產品，以協助客戶進行發明創造。未來，我非常高興能與ADI共同持續突破技術邊界，超越一切可能。透過雙方公司地豐富工程技術專業知識和濃厚的創新文化，我們將攜手打造一個更強大的業界領導者，為客戶、員工和股東創造卓越價值。」
本次交易結束後，Maxim的兩位董事將加入ADI董事會，其中包括Maxim總裁暨執行長Tunc Doluca。
高度說服力的策略和財務理由
- 拓展全球業務的業界領導者：此次合併強化了ADI在類比半導體市場的領導地位，在形式上，預期收入將達到82億美元[1]，自由現金流將達到27億美元[1]。Maxim在汽車和資料中心市場的實力與ADI橫跨廣泛工業、通訊和數位醫療市場的實力相輔相成，必將推動關鍵長期成長趨勢。在電源管理方面，Maxim聚焦應用之產品類型與ADI因應廣泛市場的產品類別形成互補。
- 豐富的專業領域知識和技術能力：業界頂尖技術的整合，將進一步強化ADI的專業領域知識和工程技術能力，橫跨從直流至100 Ghz、從毫微瓦至千瓦、從感測器至雲端的範圍，覆蓋5萬多種產品。合併後公司可提供更完整的解決方案，服務超過12萬5千家客戶，掌握總額達600億美元目標市場[3]的機會。
- 創新主導增長的共同理念：雙方擁有相近的企業文化，即重視人才、創新和卓越工程，工程師總共超過10,000名，年度研發投資近15億美元[1]。合併後公司將繼續吸引各領域之頂級工程人才。
- 收益成長和成本節約：由於更低的營運支出和銷貨成本，預計在交易結束後18個月內，調整後每股收益會逐步提升，至第二年年底，成本協同效益達到2.75億美元。交易結束後第三年年底，製造流程優化有望帶來更多成本協同效益。
- 強大的財務實力和現金流能力：ADI希望合併後公司能有更強勁的資產負債表表現，預估淨槓桿率接近1.2x[4]。此次交易也可望在結束時提升自由現金流，為股東帶來更多收益。
時間和核准
在滿足包括美國和美國以外監管部門核准及雙方公司股東批准在內的成交條件後，本次交易預計將於2021年夏季完成。
顧問
摩根士丹利(Morgan Stanley)擔任ADI首席財務顧問。BofA Securities擔任其財務顧問。Wachtell, Lipton, Rosen & Katz擔任其法律顧問。
摩根大通(J.P. Morgan)擔任Maxim獨家財務顧問，Weil, Gotshal & Manges LLP擔任其法律顧問。
電話會議和網路廣播資訊
ADI於美國東部時間7月13日上午8:30召開電話會議討論此次交易。
會議結束後進行重播，兩周內可透過撥打855-859-2056聽取，會議ID為3573127。
Analog Devices公司簡介
Analog Devices, Inc. 為全球領先的高性能類比技術公司，致力於解決最艱鉅的工程設計挑戰。我們協助客戶運用無與倫比的技術進行感測、測量、電源、連接和解讀，智慧地搭起現實和數位領域之間的橋樑，從而更瞭解周圍的世界。詳情請瀏覽：www.analog.com。
關於Maxim Integrated
Maxim Integrated 致力於開發創新的類比和混合訊號產品與技術，讓系統更小巧、更智慧，同時增強其安全性能、提高能效。我們協助客戶在汽車、工業、健康、行動消費及雲端資料中心等領域的創新設計，提供業界領先的方案，讓世界變得更美好。更多資訊請瀏覽：www.maximintegrated.com。
Forward Looking Statements
This communication relates to a proposed business combination transaction between Analog Devices, Inc. ("ADI") and Maxim Integrated Products, Inc. ("Maxim"). This communication contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements address a variety of subjects, including, for example, projections as to the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined organization's business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, and the anticipated closing date for the proposed transaction. Statements that are not historical facts, including statements about ADI's and Maxim's beliefs, plans and expectations, are forward-looking statements. Such statements are based on ADI's and Maxim's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements often contain words such as "expect," "anticipate," "intend," "plan," "believe," "will," "estimate," "would," "target" and similar expressions, as well as variations or negatives of these words. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic; political and economic uncertainty, including any faltering in global economic conditions or the stability of credit and financial markets, erosion of consumer confidence and declines in customer spending; unavailability of raw materials, services, supplies or manufacturing capacity; changes in geographic scope or product or customer mix; changes in export classifications, import and export regulations or duties and tariffs; changes in ADI's or Maxim's estimates of their expected tax rate based on current tax law; ADI's ability to successfully integrate Maxim's businesses and technologies; the risk that the expected benefits and synergies of the proposed transaction and growth prospects of the combined company may not be fully achieved in a timely manner, or at all; adverse results in litigation matters, including the potential for litigation related to the proposed transaction; the risk that ADI or Maxim will be unable to retain and hire key personnel; the risk associated with ADI's and Maxim's ability to obtain the approvals of their respective shareholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms, including the anticipated tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; uncertainty as to the long-term value of ADI's common stock; and the diversion of management time on transaction-related matters. These risks, as well as other risks related to the proposed transaction, will be included in the registration statement on Form S-4 and joint proxy statement/prospectus that will be filed with the Securities and Exchange Commission (the "SEC") in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to ADI's and Maxim's respective periodic reports and other filings with the SEC, including the risk factors contained in ADI's and Maxim's most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain and are made only as of the date hereof. Except as required by law, neither ADI nor Maxim undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information about the Merger and Where to Find It
In connection with the proposed transaction, ADI intends to file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of ADI and Maxim and that also constitutes a prospectus of ADI. Each of ADI and Maxim may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that ADI or Maxim may file with the SEC. The definitive joint proxy statement/prospectus (if and when available) will be mailed to stockholders of ADI and Maxim. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus (if and when available) and other documents containing important information about ADI, Maxim and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by ADI will be available free of charge on ADI's website at http://www.analog.com or by contacting ADI's Investor Relations Department by email at [email protected] or by phone at 781-461-3282. Copies of the documents filed with the SEC by Maxim will be available free of charge on Maxim's website at investor.maximintegrated.com or by contacting Maxim's Investor Relations department by phone at 408-601-5697.
Participants in the Solicitation
ADI, Maxim and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of ADI, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in ADI's proxy statement for its 2020 annual meeting of shareholders, which was filed with the SEC on January 24, 2020, and ADI's Annual Report on Form 10-K for the fiscal year ended November 2, 2019, which was filed with the SEC on November 26, 2019. Information about the directors and executive officers of Maxim, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Maxim's proxy statement for its 2019 annual meeting of shareholders, which was filed with the SEC on September 27, 2019, and Maxim's Annual Report on Form 10-K for the fiscal year ended June 29, 2019, which was filed with the SEC on August 21, 2019. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from ADI or Maxim using the sources indicated above.
[1]基於2019財年ADI財報，以及截至2019年9月28日的12個月內Maxim的財務狀況。
[2]根據2020年7月10日的完全稀釋股份的股價和最新報告的淨債務。
[3]資料來源：WSTS 2023類比半導體預測
[4]基於最近一個季度末的報告； ADI，2020年5月2日; Maxim，2020年3月28日
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