Texas Instruments (TI) agreed to acquire Unitrode Corporation in a stock-for-stock merger on July 25, 1999, and completed the acquisition on October 15, 1999. TI estimated that it would issue about 8.9 million shares, worth approximately $1.2 billion based on TI’s share price on July 23, 1999. The transaction was intended to expand TI’s analog components business with Unitrode’s power-supply control, interface, and battery-management products.
What happened in the TI–Unitrode deal?
The July 25 agreement set out a merger in which Unicorn Acquisition, a TI subsidiary formed for the transaction, would merge into Unitrode. Unitrode would survive as a wholly owned subsidiary of TI. The agreement was a proposed transaction at that point; TI announced its completion on October 15, 1999.
In its closing announcement, TI described Unitrode as a designer and supplier of power-supply control, interface, and battery-management components. TI said the acquisition would broaden its analog product offering with technologies used in portable devices, power systems, and interface applications. That was TI’s stated rationale; the announcement does not establish whether anticipated benefits or synergies were later achieved. TI’s October 15, 1999 announcement
Timeline: agreement, approvals, and closing
| Date | Milestone |
|---|---|
| July 25, 1999 | TI, Unitrode, and Unicorn Acquisition entered into the merger agreement. |
| August 17, 1999 | The Federal Trade Commission’s notice recorded a grant of early termination for the transaction. FTC early-termination notice |
| September 13, 1999 | Unitrode’s merger proxy says TI received a letter from Germany’s Federal Cartel Office approving the transaction. |
| October 15, 1999 | TI announced that the acquisition was complete and Unitrode had become its wholly owned subsidiary. |
How much did TI pay, and how did the stock exchange work?
TI’s second-quarter 1999 filing estimated that it would issue approximately 8.9 million TI shares, valued at about $1.2 billion using TI’s share price on July 23, 1999. This was a contemporaneous estimate of the stock consideration, not a cash payment or a present-day valuation. TI’s second-quarter 1999 filing
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- Makes understanding math and science topics quicker and easier — ideal for middle school through college
- Built-in MathPrint feature allows you to input and view math symbols, formulas and stacked fractions exactly as they appear in textbooks
- Graph in vibrant colors to make faster, stronger connections. Powered by a TI Rechargeable Battery that can last up to one month on a single charge.
- 4-year subscription for the TI-84 Plus CE online calculator included with purchase
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The merger did not promise a simple fixed number of TI shares for every Unitrode share. The agreement set a $38.60 reference value per Unitrode share and calculated the exchange ratio using a 20-trading-day average of TI’s daily high and low prices, ending on the second trading day before closing. The agreement also included adjustment bands, or a collar, so the ratio could vary with TI’s share price. The $38.60 figure was a reference in the formula, not a statement that Unitrode shareholders received cash at that price. The transaction proxy and agreement describe the terms in detail. Merger proxy and agreement
What happened to Unitrode after the acquisition?
At closing, TI said Unitrode would continue operating from its Merrimack, New Hampshire, headquarters as a wholly owned subsidiary. The transaction announcement establishes that immediate post-close arrangement; it does not document how Unitrode’s organization or product lines evolved in later years.
Quick Recap
Best Value
- Color Screen. The screen size is 320 x 240 pixels (3.5 inches diagonal) and the screen resolution is 125 DPI; 16-bit color
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Rank #2
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