Cypress-based Universal Electronics Inc., a maker of remote controls for home electronics, said Thursday it bought the assets of a company it tried to take over in a hostile bid a year ago.
Universal Electronics bought part of San Jose’s Zilog Inc., a chipmaker for universal remote controls and other devices.
In January of last year Universal Electronics sent Zilog’s chairman an unsolicited bid to buy the company.
The company offered $76 million. That’s about 70% more than what Zilog’s shares closed at the day before the offer was made.
The company rejected the bid and said the offer “did not adequately reflect Zilog’s strategic value or the potential future value enhancements associated with the company’s new growth strategy.”
Zilog’s shares have taken a hit in the past year. They are off some 33% in the past 12 months on a market value of about $43 million.
Zilog said late last year it was exploring strategic alternatives and was looking to sell off its wireless control business.
In a related transaction, Zilog on Thursday said it sold its remote control hardware business to Sunnyvale’s Maxim Integrated Products Inc., a chipmaker with a recent market value of nearly $4 billion.
Universal Electronics and Maxim have cross-licensed technology and intellectual property to one another, according to a statement from Zilog.
Terms of the deals were not disclosed, but Zilog did say the sales to both Universal Electronics and Maxim totaled $31 million.
That means Universal Electronics likely paid much less than half of what it was offering a year ago.
Universal Electronics is set to get some of Zilog’s remote control software, intellectual property, patents and other assets, the company said.
The company said its set to hire Zilog’s vice president of technology and operations and other workers in business development, sales and engineering. It’ll also get Zilog’s workers in India.
“This acquisition will expand the breadth and depth of our customer base in both subscription broadcasting and original equipment manufacturing, particularly in Asia,” said Chief Executive Paul Arling.
Universal Electronics, which had a recent market value of $185 million at recent check, is set to report fourth quarter results after the close of trading on Thursday.
