* 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
* Tundra to pay Gennum C$5 mln if deal fails
* Tundra’s shares at 52-week high, Gennum up 19 percent (Adds details, stock movement)
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, and more than double Tundra’s closing price on March 19 when Gennum first made its offer.
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.
Tundra’s shares shot up 13.6 percent to a new 52-week high of $6.29 in morning trade. Gennum’s shares were up about 19 percent at C$5.33 on the Toronto Stock Exchange after having fallen more than 15 percent since it raised its offer.
Tundra said that it had informed Gennum of the superior offer on April 25 and said Gennum has five business days, ending on May 1, to match Integrated Device’s offer.
Gennum would review the Integrated offer and decide on its course of action during the period, it said in a statement.
If Gennum does not amend its offer, Tundra can enter into the agreement with Integrated Device after paying Gennum a C$5.0 million termination fee, Ottawa, Ontario-based Tundra said.
San Jose, California-based Integrated Device said the deal, if goes through, is expected to add to its non-GAAP earnings in the third full quarter of combined operations.
Integrated has indicated that it would fund the offer from its cash balance, Tundra said.
Shares of Integrated Device were up 1 percent at $5.04 in morning trade on Nasdaq. ($1=1.216 Canadian Dollar) (Reporting by Savio D‘Souza in Bangalore; Editing by Gopakumar Warrier)