Zilog, Inc. (Nasdaq: ZILG) announced that it has received from Universal Electronics, Inc. an unsolicited, non-binding and conditional proposal to acquire the company. Zilog also announced that it has received a copy of the Schedule 13D filed today by Riley Investment Management LLC disclosing the unsolicited acquisition proposal.
Zilog’s Board of Directors, consistent with its fiduciary duties, and in consultation with its financial and legal advisors, will promptly and carefully review and consider the UEI proposal and, following that review, respond formally to UEI’s proposal and advise Zilog’s shareholders of the Board’s response. In connection with its review, the Board will also consider alternative courses of action for the company, including continuing with the implementation of the company’s current business plan which is designed to significantly enhance shareholder value.
Zilog emphasized that its Board of Directors is committed to pursuing the course of action which it believes will maximize value for all shareholders and to ensuring that this course of action will have no negative impact on our level of customer service.
Zilog has retained LRG Capital Corporate Advisory Group, LLC as financial advisor to Zilog and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to assist with its review of the UEI proposal.
Founded in 1974, Zilog is a global supplier of 8, 16 and 32-bit microcontroller and microprocessor “system-on-a-chip” (SoC) solutions that allow design engineers the freedom and creativity required for continued innovation in embedded design. The company won international acclaim for designing one of the first architectures in the microprocessors and microcontrollers industry. Today, Zilog designs, develops and markets a broad portfolio of devices for embedded control and communication applications used in consumer electronics, home appliances, security systems, point of sales terminals, personal computer peripherals, as well as industrial and automotive applications. Zilog is headquartered in San Jose, California, and employs approximately 500 people worldwide with sales offices throughout Asia, Europe and North America.
Zilog is a registered trademark of Zilog, Inc. in the United States and in other countries.