Integrated Device Technology, Inc. Commences Previously Announced Cash Tender Offer to Acquire GigPeak, Inc.

SAN JOSE, Calif.--(BUSINESS WIRE)--Integrated Device Technology, Inc. (“IDT”; NASDAQ: IDTI) announced today that its wholly-owned subsidiary, Glider Merger Sub, Inc. (“Purchaser”), is commencing a cash tender offer to purchase all outstanding shares of common stock of GigPeak, Inc. (“GigPeak”; NYSE MKT: GIG) at an offer price of $3.08 per share. The tender offer is being made pursuant to an Offer to Purchase, dated March 7, 2017 (the “Offer to Purchase”), and in connection with the Agreement and Plan of Merger, dated February 13, 2017, by and among IDT, Purchaser and GigPeak (the “Merger Agreement”), which IDT and GigPeak previously announced on February 13, 2017.

The tender offer will expire at one minute following 11:59 P.M. (12:00 midnight), New York Time, on Monday, April 3, 2017 (such date and time, the “Expiration Date”), unless (i) the Purchaser extends the period during which the tender offer is open pursuant to and in accordance with the terms of the Merger Agreement, in which event the term “Expiration Date” will mean the latest date and time at which the offer period, as so extended by the Purchaser, will expire or (ii) the Merger Agreement has been earlier terminated. Pursuant to the Merger Agreement, Purchaser will extend the offer period for any period required by applicable law or rules and regulations of the Securities and Exchange Commission (the “SEC”) and for one or more periods of up to ten business days each until, and including, June 30, 2017, if at the Expiration Date any of the conditions to the tender offer have not been satisfied.

The tender offer is not subject to any financing condition. The tender offer is conditioned upon (i) there being validly tendered in the tender offer and not properly withdrawn prior to the Expiration Date, that number of shares of common stock which, together with the number of shares of common stock then owned by IDT or any of its wholly-owned direct or indirect subsidiaries, including the Purchaser, represents at least a majority of the shares of common stock then outstanding and no less than a majority of the voting power of the shares of capital stock of GigPeak then outstanding and entitled to vote upon the adoption of the Merger Agreement and approval of the Merger, (ii) the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, having expired or been terminated and (iii) the satisfaction or waiver by the Purchaser of the other conditions and requirements of the tender offer. As soon as practicable following the consummation of the tender offer, Purchaser will merge with and into GigPeak, with GigPeak continuing as the surviving corporation and as a wholly-owned subsidiary of IDT.

MacKenzie Partners, Inc. is acting as information agent and American Stock Transfer & Trust Company, LLC is acting as depositary and paying agent in the tender offer. Requests for documents and questions regarding the tender offer may be directed to the information agent by telephone at (800) 322-2885.

About IDT

Integrated Device Technology, Inc. develops system-level solutions that optimize its customers’ applications. IDT’s market-leading products in RF, real-time interconnect, wireless power, and SmartSensors are among the company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT can be found at www.IDT.com. Follow IDT on FacebookLinkedInTwitterYouTube and Google+.

About GigPeak

GigPeak, Inc. (NYSE MKT: GIG) is a leading innovator of semiconductor ICs and software solutions for high-speed connectivity and high-quality video compression over the network and the cloud. The focus of the company is to develop and deliver products that enable lower power consumption and faster data connectivity, more efficient use of network infrastructure, broader connectivity to the cloud, and reduce the total cost of ownership of existing network pipes from the core to the end user. GigPeak addresses both the speed of data transmission and the amount of bandwidth the data consumes within the network, and provides solutions that increase the efficiency of the Internet of Things, leveraging its strength in high-speed connectivity and high-quality video compression. The extended product portfolio provides more flexibility to support changing market requirements from ICs and MMICs through full software programmability and cost-efficient custom ASICs.