Tech
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January 6, 2021
On Tuesday, a common stock shareholder of semiconductor company Inphi Corporation filed a complaint in the Southern District of New York against the company and its board of directors for their purported Securities Exchange Act of 1934 violations in relation to a proposed merger between Inphi and semiconductor company Marvell Technology Group Ltd.
According to the complaint, on October 29, 2020, Inphi entered into a merger agreement with Marvell, Holdco, Bermuda Merger Sub, and Delaware Merger Sub, under which, “(i) Bermuda Merger Sub will be merged with and into Marvell, with Marvell continuing as a wholly-owned subsidiary of HoldCo; and (ii) Delaware Merger Sub will be merged with and into Inphi, with Inphi continuing as a wholly-owned subsidiary of Holdco.” Pursuant to the merger agreement, as merger consideration, “each share of Inphi common stock will be converted into the right to receive: (i) $66.00 in cash; (ii) 2.323 shares of Hol