RF Micro Devices Inc. (RFMD) said Friday that its shareholders approved a merger agreement with TriQuint Semiconductor Inc. (TQNT), and also approved compensation arrangements for RFMD's named executive officers in connection with the transaction.
TriQuint's stockholders are scheduled to vote on the merger agreement and other matters at a special meeting to be held later today.
RFMD and TriQuint anticipate the closing of the transaction will occur in the second half of calendar 2014 subject to the receipt of regulatory approval and other customary closing conditions.
In February, Micro Devices and TriQuint Semiconductor agreed to merge in an all-stock deal. Under the deal, TriQuint shareholders would receive 1.675 shares of the combined company, while RFMD shareholders would receive 1 share of the combined company for each TriQuint or RFMD share held by them.
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