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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Integrated Device Technology, Inc. (NASDAQGS: IDTI) to Renesas Electronics Corporation. Under the terms of the transaction, IDT shareholders will receive $49.00 in cash for each share of IDT stock they own.
The IDT merger investigation concerns whether the Board of IDT breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Renesas Electronics Corporation is underpaying for IDT shares, thus unlawfully harming IDT shareholders.
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