SAN FRANCISCO (MarketWatch) – Shares of RF Micro Devices and TriQuint Semiconductor rallied Monday morning after the two semiconductor companies announced that they were merging. RF Micro shares were up 18% in morning trades, while TriQuint was up 23%. The all-stock transaction would create a combined company with annual revenue of more than $2 billion, the companies said. TriQuint shareholders would receive 1.675 shares of the new company, while RF Micro shareholders would a share of the new company for each TriQuint or RF Micro share held. The transaction represents an implied price of $9.73 for each TriQuint share, or a 5.4% preimum based on Friday’s closing price.
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