UPEK Proposes To Merge with AuthenTec
UPEK Inc., a Berkeley, Calif.-based developer of silicon-based fingerprint security solutions, has offered to merge with AuthenTec Inc. (Nasdaq: AUTH). The stock-for-stock merger would result in each company's shareholders owning a 50% stake in the combined company, with AuthenTec backers also to receive a $40 million cash dividend. UPEK has raised over $38 million in VC funding since being spun out of STMicroelectronics NV (STM) in 2004. Shareholders include Sofinnova Ventures, Sofinnova Partners, Diamondhead Ventures, Earlybird Venture Capital, Partners Group and EDBV Management.
1 February 2010•7 mins read
