RF Monolithics, Inc. (NASDAQ: RFMI) (“RFM” or “the Company”),
a leader in machine-to-machine (M2M) wireless communications,
announced that it has entered into a definitive agreement to be acquired
by Murata Electronics North America, Inc. for $1.78 per share to holders
of RFM common shares, representing an 80% premium over the Nasdaq
closing price as of April 12, 2012. The acquisition is expected to close
in the third calendar quarter of 2012. Murata Electronics North
America’s parent company, Murata Manufacturing Co., Ltd. (“Murata
Manufacturing”) (TSE/OSE: 6981), is the world’s number one supplier of
passive electronic components.
Farlin Halsey, President and CEO of RFM, stated, “We believe that the
transaction with Murata Electronics North America offers a
substantial premium to our stockholders. There is a natural fit between
our two companies and we believe it was a significant factor in our
outside directors’ ability to attain a favorable price for our
“RFM is very proud of its heritage. We owe our success to our talented
and dedicated team at all levels. On behalf of management and RFM’s
Board of Directors, I would like to thank all our dedicated employees
for their hard work,” concluded Mr. Halsey.
“RFM’s proven success in developing business in the healthcare, energy
and industrial markets complements Murata’s growth strategy.
Additionally, leveraging RFM’s expertise in design and development of
production-ready RF modules, SAW based and RFIC short-range radios,
stand-alone radio systems and platforms for M2M applications will enable
Murata to increase the value of the wireless module solutions delivered
to Murata’s existing and future customers in the global marketplace,”
said David M. Kirk, President and CEO of Murata Electronics North
America, Inc., the Regional Headquarters of Murata Americas.
The transaction is subject to customary closing conditions, including
shareholder and regulatory approvals.
Hunton & Williams LLP and Morton PLLC acted as legal advisors to RFM.
Duff & Phelps, LLC, in conjunction with its recently acquired Pagemill
Partners business, acted as the financial advisors to RFM’s Special
Committee of its Board of Directors. Alston & Bird LLP acted as legal
advisor to Murata.
RF Monolithics, Inc., headquartered in Dallas, Texas, is a provider of
solutions-driven, technology-enabled wireless connectivity for a broad
range of wireless applications—from individual standard and custom
components to modules for comprehensive industrial wireless sensor
networks and machine-to-machine (M2M) technology. For more information
on RF Monolithics, Inc., please visit the Company’s website at www.RFM.com.
About Murata Americas
Murata Americas regional HQ is Murata Electronics North America, Inc.,
a wholly- owned subsidiary of Murata Manufacturing Co., Ltd., whose
global headquarters are in Kyoto, Japan.