Chipmaker Semtech also confirms possible deal, confirming Monday news report
California chip maker Semtech Corp. is in advanced talks to buy Vancouver-area wireless communications technology vendor Sierra Wireless, Inc. for US$31 a share, the two companies confirmed Tuesday.
Sierra stock was down 5 per cent at US$28.17 in early afternoon trading Tuesday after jumping 19.4 per cent Monday following the news report on the Nasdaq to a 52-week high closing price of US$29.70. In Canada, where markets were closed Monday, the stock was up 13.4 per cent on the Toronto Stock Exchange Tuesday.
Sierra, which is due to report second quarter earnings next week, has said it expects to generate between US$160-million and US$175-million in revenue for the period after generating US$173-million in the first quarter, up 60 per cent year over year. Those results were well ahead of analyst expectations and prompted several to increase their share price targets on the stock.
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