Exar begins exchange offer for hi/fn

By Lisa Kerner

Charlotte, N.C., March 6 - Exar Corp. began an exchange offer for all of the outstanding shares of hi/fn, inc. it was announced on Friday.

hi/fn agreed in February to be acquired by Exar.

Under the terms of the companies' definitive agreement, hi/fn shareholders can elect to receive either 0.3529 shares of Exar common stock and $1.60 in cash, without interest, or $4.00 in cash, without interest, for each share of hi/fn common stock they tender, an Exar news release said.

The exchange offer will end at midnight ET on April 2 unless extended, said Exar.

Exar is a fabless semiconductor company based in Fremont, Calif.

hi/fn provides network and storage security and data-reduction products to network and storage original equipment manufacturers and small and medium enterprises. The company is located in Los Gatos, Calif.

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