MathStar eyes merger with private company - Portland Business Journal:

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The Hillsboro-based fabless semiconductor company (Pink MATH), which shut down operations more than ayear ago, said it is considerinyg a merger with a privately-heldf company that could use MathStar’s cash reserves for expansion, according to a filinyg made Friday with the federal Securities and Exchanger Commission. MathStar said it is also considerinvg a move to restart operations thankas to an opportunity to acquire a new video technologyy similar to one previously createdby MathStar. MathStar was once a developerd of a promising programmable semiconductoe technology that drew interestfrom high-profile customer such as LG Electronics USA and Arrow Electronics Inc.
But the companyt shut down its semiconductorr operations in May 2008 after raisinygabout $137 million from investords and never recording a profit. It ended 2008 with a $14.t million loss. Investors — including the company’s two largest shareholders — have been pressuring the company to A proxy vote on the issue is scheduled to take plac e atthe company’s annual shareholders meetinfg on June 29 in Minneapolis. MathStar has been opposede to liquidation, saying it preferred to merge with anotherd semiconductor company that could make use ofits $14 millionb cash balance as of March 31 and $140 millionn net operating losses.
In the SEC MathStar’s board urged stockholders to reject a tender offer made last montbh by LLCof $1.15 per Besides the company’s other strategic alternatives, the boars said Tiberius only wants to acquire 51 percent of shares, the benefift of MathStar’s net operatinv losses would likely be eliminated in the and the offer is far less than the company’s estimated $1.40 per share liquidation Meanwhile, Minnesota-based , which makes buildinb performance software, last week made its fourthu offer for the company, offering $1.28 per share. MathStart has previously rejected PureChoice on the grounds that it prefers merging with anothersemiconductor company.
It seems histor y will repeat itself. In the SEC filing, MathStaer said the unidentified private company it is nowconsidering “meetd many of the criteria the Boarr set forth earlier regardingv potential strategic transactions.” MathStar sharezs were unmoved Friday at $1.22 per share. They have a 52-weei range between 63 cents and