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Apple in bid for Authentec
Posted on Friday, 27 July 2012 15:00
US software giant Apple has made an offer to buy mobile security software and chips maker Authentec.
California-based Apple’s bid would see it acquire shares in the target for USD 8.00 each, which would value the company at around USD 356.09 million based on its outstanding share capital of 44,510,647.
The offer represents a premium of 57.8 per cent over Authentec’s closing price of USD 5.07 on 26th July.
No details concerning a rationale for the acquisition have been disclosed.
Authentec was formed in October 1998 following a spin-off from Harris Semiconductor.
The company is based in Florida and has been listed on Nasdaq since 2007.
Headed by chief executive Larry Ciaccia, it recorded revenue of USD 69.79 million in fiscal 2011, up 56.2 per cent on the USD 44.67 million generated in 2010.
Apple is headquartered in Cupertino and is headed by chief executive Tim Cook.
The company was formed in 1976 by Steve Jobs and Steve Wozniak, and incorporated the following year.
It initially manufactured computers, going through a turbulent period in the late 1980’s and 1990’s following Jobs’ resignation, although he later rejoined the firm as chief executive in 1997 and oversaw the release of the iMac and iPod, bringing the firm back to profitability.
Apple is now best known as a maker of consumer electronics, with the iPhone and iPad adding to the company’s expanding product range.
The business recorded sales of USD 108.25 billion in fiscal 2011, up 66.0 per cent on the USD 65.23 billion achieved in 2010.
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