April 27, 2009 / 1:17 PM / 9 years ago

CORRECTED - CORRECTED-UPDATE 1-Integrated Device tops Gennum's offer for Tun

(Corrects typo in company name in headline)

* Offers C$120.8 mln for Tundra vs Gennum’s C$112 mln bid

* Offers 13.6 pct premium to Tundra’s closing price Friday

* Gennum has until May 1 to match offer

April 27 (Reuters) - U.S. chipmaker Integrated Device Technology Inc (IDTI.O) offered to buy Canada’s intellectual property firm Tundra Semiconductor TUN.TO for about C$120.8 million ($99.34 million), trumping a raised offer by Gennum Corp GND.TO.

The C$6.25 per share cash offer by Integrated is at a premium of about 13.6 percent to Tundra’s closing price of C$5.50 Friday on the Toronto Stock Exchange.

Gennum Corp GND.TO had raised its bid for smaller rival Tundra by nearly 31 percent to C$112 million from C$86 million earlier this month.

Gennum has five business days, ending on May 1, to match the offer from Integrated, Tundra said in a statement.

Gennum would review the Integrated offer and decide on its course of action during the period, it said in a statement.

Integrated Device said if deal is through, it is expected to add to its non-GAAP earnings in the third full quarter of combined operations.

Shares of Integrated Device were up 1 cent at $5.00 in pre-market trade Monday. Gennum’s shares closed at C$4.48 Friday on the Toronto Stock Exchange. ($1=1.216 Canadian Dollar) (Reporting by Savio D’Souza in Bangalore; Editing by Gopakumar Warrier)

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