Foley Hoag Represents MEMSIC, Inc. in Proposed Acquisition by IDG-Accel
April 29, 2013
Foley Hoag LLP is representing MEMSIC, Inc., a leading MEMS solution provider, in its proposed acquisition by IDG-Accel China Capital II and its affiliates for $4.225 per share. Pursuant to the merger agreement entered into on April 22, 2013, IDG-Accel, the affiliates of which own 19.5 percent of MEMSIC's outstanding common stock, will purchase the remaining outstanding shares and other equity interests for approximately $88.5 million. The merger agreement is subject to various conditions, and the transaction is expected to close during the third quarter of 2013.
Headquartered in Andover, Massachusetts, MEMSIC, Inc. provides advanced semiconductor sensor and integrated sensing system solutions based on micro electromechanical systems, or MEMS, technology and mixed signal circuit design. Its products include accelerometers, magnetic sensors and electronic compass solutions, integrated high performance inertial measurement units for industrial and avionics applications, MEMS flow sensing systems, and wireless sensing network systems.
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