RFMI - RF Monolithics, Inc. (RFMI)

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Murata to purchase RF Monolithics for $19.6M
RF Monolithics agrees to $19.6M buyout offer from affiliate of Japan's Murata Manufacturing
Associated PressAssociated Press – 1 hour 17 minutes ago
Companies:

RF Monolithics Inc.

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DALLAS (AP) -- RF Monolithics Inc., which makes wireless connectivity products, has agreed to a buyout offer of about $19.6 million from the North American division of Japanese electronics component supplier Murata Manufacturing Co,

The Dallas-based company said Murata Electronics North America Inc. has offered to pay $1.78 per share for RF Monolithics' shares, an 80 percent premium over Thursday's closing price of 99 cents.

RF Monolithics currently has about 11 million outstanding shares, according to FactSet.

RF Monolithics' stock jumped 75 cents, or 75.6 percent, to $1.73 in morning trading on Friday.

"RFM's proven success in developing business in the healthcare, energy and industrial markets complements Murata's growth strategy," said David M. Kirk, president and CEO of Murata Electronics North America.

The deal requires shareholder and regulatory approvals. The transaction is expected to close in the third quarter.