November 16, 2009 (FinancialWire) — Silicon Storage Technology, Inc. (NASDAQ: SSTI) has entered into a definitive merger agreement to be acquired by Technology Resource Holdings, Inc., a Prophet Equity LP-controlled entity, as well as by members of SST’s management team.

Under the deal, Prophet Equity LP will acquire all of the outstanding common stock of the company for $2.10 per share, except for shares held by Bing Yeh, SST’s chairman and CEO, and Yaw Wen Hu, SST’s director, executive vice president and COO, who have agreed to exchange all of their shares of SST common stock for shares of capital stock of the resulting privately held company.

According to SST, the price per share represents around a 13 percent premium to the closing price per share of the company’s stock on November 12.

SST’s board approved the agreement and resolved to recommend that the company’s shareholders adopt and approve the agreement.

The agreement contains a go-shop provision under which a strategic committee of SST’s board, with the assistance of its independent advisors, has the right to solicit proposals or offers from a third party for a 45-day period beginning on November 13.

Sunnyvale, California-based Silicon Storage Technology designs, manufactures and markets a range of memory and non-memory products for high volume applications in the digital consumer, networking, wireless communications and internet computing markets.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). Friday’s issued reports and/or recorded webcasts include Yanglin Soybean Inc. (OTCBB: YSYB), J.C. Penney (NYSE: JCP), Penford Corporation (NASDAQ: PENX), Savanna Energy Services Corp. (TSX: SVY) and ZAGG Inc. (NASDAQ: ZAGG).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.