Apple switching to it's own Power management chips; Dialog sold

Spawn

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Jan 8, 2011
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Dialog is being sold to a Japanese chipmaker in what the company has described as a ‘compelling opportunity’ for its shareholders. The company has historically depended on Apple orders for power management chips for three-quarters of its sales, but has been working hard on moving into new markets as this business came under threat.
Business Insider reports:
"Japanese chipmaker Renesas Electronics Corp has agreed to buy Dialog Semiconductor, an Apple supplier, for 4.9 billion euros ($5.9 billion) in cash.

Renesas, one of the world’s biggest auto chip makers, has offered 67.50 euros a share for Dialog, representing a 20% premium to Friday’s closing price and a 52% premium to a weighted three-month average. Dialog is listed in Frankfurt and headquartered in the UK […]

Dialog shares traded 16% higher in Frankfurt at 65.30 euros, just shy of the agreed sale price. The Anglo-German chip designer confirmed on Sunday that it had received an offer from Renesas in response to news reports it was a takeover target."