SHANGHAI, China, Sept. 27, 2013 (GLOBE NEWSWIRE) -- RDA Microelectronics, Inc. (Nasdaq:RDA) ("RDA Microelectronics" or the "Company"), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today announced that its Board of Directors has received an unsolicited, preliminary non-binding proposal letter dated September 27, 2013 from Shanghai Pudong Science and Technology Investment Co., Ltd. ("PDSTI"), a wholly state-owned limited liability company directly under Pudong New Area government of Shanghai, pursuant to which PDSTI proposes to acquire all of the outstanding ordinary shares of the Company (the "Shares) and American Depositary Shares of the Company (the "ADSs," each ADS representing six Shares), in each case other than those Shares or ADSs owned by PDSTI and its affiliates, for US$2.5833 in cash per Share or US$15.50 per ADS. A copy of the proposal letter is attached hereto as Appendix 1.
The Company's Board of Directors is reviewing and evaluating PDSTI's proposal. No decision has been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
About RDA Microelectronics
RDA Microelectronics is a fabless semiconductor company that designs, develops and markets wireless system-on-chip and radio-frequency semiconductors for cellular, connectivity and broadcast applications. The Company's product portfolio currently includes baseband, radio-frequency front-end modules, power amplifiers, transceivers, Bluetooth system-on-chip, Wi-Fi, Bluetooth and FM combo chips, FM radio receivers, set-top box tuners, analog mobile television receivers, CMMB mobile television receivers, walkie-talkie transceivers and LNB satellite down converters. For additional information, please see the Company's website at http://www.rdamicro.com.
Appendix 1 – PDSTI Proposal Letter
September 27, 2013
The Board of Directors
RDA Microelectronics, Inc.
6/F, Building 4, 690 Bibo Road
Pudong District, Shanghai 201203
People's Republic of China
Dear Members of the Board of Directors,
Shanghai Pudong Science and Technology Investment Co., Ltd. ("PDSTI") is pleased to submit this preliminary non-binding proposal (the "Proposal") to acquire all of the outstanding ordinary shares (the "Shares") of RDA Microelectronics, Inc. (the "Company") and the American Depositary Shares of the Company (the "ADSs", each ADS representing six Shares of the Company), in each case other than those Shares or ADSs owned by PDSTI and its affiliates (the "Acquisition").