IDT Announces Extension of Exchange Offer Expiration Date in PLX Technology Transaction

  IDT Announces Extension of Exchange Offer Expiration Date in PLX Technology
  Transaction

Business Wire

SAN JOSE, Calif. -- November 09, 2012

Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI), the Analog and
Digital Company™ delivering essential mixed-signal semiconductor solutions,
today announced that it is extending the expiration date of its exchange offer
for all outstanding shares of common stock of PLX Technology, Inc. (NASDAQ:
PLXT). The exchange offer was previously scheduled to expire at the end of the
day on November 9, 2012, at 12:00 midnight, New York City time. The exchange
offer is being extended as the applicable waiting period pursuant to the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) has not yet
expired or been terminated, and the exchange offer is now set to expire at the
end of the day on December 10, 2012, at 12:00 midnight, New York City time,
unless further extended. Approximately 19.4 million shares, or approximately
43.1% of PLX’s outstanding common stock, had been tendered as of 12:00
midnight at the end of the day on November 8, 2012.

Correspondingly, in order for the trustee of the PLX Employee Stock Ownership
Plan (“ESOP”) to be instructed in a timely manner to tender or not tender all
or a portion of the shares allocated to such participant’s account under the
ESOP, each participant in the ESOP must complete and return the ESOP
instruction form previously provided to participants so that it is received by
Computershare, the tabulation agent for the offer, not later than 5:00 p.m.,
New York City time, on December 5, 2012, unless the offer is further extended.

As previously announced on May 22, 2012, IDT commenced an exchange offer to
acquire all outstanding shares of common stock of PLX for (i) $3.50 in cash
and (ii) 0.525 shares of IDT common stock for each PLX common share
outstanding, without interest and less any applicable withholding taxes. The
exchange offer is being made pursuant to a Prospectus/Offer to Purchase, dated
May 22, 2012, and in connection with an Agreement and Plan of Merger, dated
April 30, 2012, which IDT and PLX previously announced on April 30, 2012. As
previously announced, on May 7, 2012, in connection with the Agreement and
Plan of Merger, which contemplates the exchange offer for all outstanding
shares of PLX common stock, followed by a second step merger, IDT and PLX made
premerger filings under the HSR Act with the Federal Trade Commission (“FTC”)
and the Antitrust Division of the U.S. Department of Justice. Effective June
5, 2012, following consultation with the FTC and PLX, IDT voluntarily withdrew
its Notification and Report Form with respect to the exchange offer and the
merger. IDT re-filed its Notification and Report form on June 6, 2012. On July
6, 2012, IDT and PLX each received a request for additional information from
the FTC (the “Second Request”). This Second Request extends the waiting period
applicable to the exchange offer under the HSR Act, which was set to expire on
July 6, 2012 at 11:59 p.m., New York City time. The waiting period is extended
until 11:59 p.m., New York City time, on the thirtieth day (or the next
business day) after both IDT and PLX substantially comply with the Second
Request, as specified by the HSR Act and the implementing rules, unless
further extended by agreement with the parties.

Additional Information

This press release is for informational purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. Any offer with respect to
the acquisition of PLX Technology will only be made through the prospectus,
which is part of the registration statement on Form S-4, which contains an
offer to purchase, form of letter of transmittal and other documents relating
to the exchange offer, as well as the Tender Offer Statement on Schedule TO,
(collectively, and as amended and supplemented from time to time, the
“Exchange Offer Materials”), each initially filed with the U.S. Securities and
Exchange Commission (the “SEC”) by IDT on May 22, 2012. The registration
statement has not yet become effective. In addition, PLX Technology filed with
the SEC on May 22, 2012 a solicitation/recommendation statement on Schedule
14D-9 (as amended and supplemented from time to time, the “Schedule 14D-9”)
with respect to the exchange offer. Investors and security holders are urged
to carefully read these documents and the other documents relating to the
transactions because these documents contain important information relating to
the exchange offer and related transactions. Investors and security holders
may obtain a free copy of these documents, as filed with the SEC, and other
annual, quarterly and special reports and other information filed with the SEC
by IDT or PLX Technology, at the SEC’s website at www.sec.gov. In addition,
such materials will be available from IDT or PLX Technology, or by calling
Innisfree M&A Incorporated, the information agent for the exchange offer,
toll-free at (877) 456-3463 (banks and brokers may call collect at (212)
750-5833).

About IDT

Integrated Device Technology, Inc., the Analog and Digital Company™, develops
system-level solutions that optimize its customers’ applications. IDT uses its
market leadership in timing, serial switching and interfaces, and adds analog
and system expertise to provide complete application-optimized, mixed-signal
solutions for the communications, computing and consumer segments.
Headquartered in San Jose, Calif., IDT has design, manufacturing and sales
facilities throughout the world. IDT stock is traded on the NASDAQ Global
Select Stock Market® under the symbol “IDTI.” Additional information about IDT
is accessible at www.IDT.com.

Forward Looking Statements

Certain statements in this press release may contain forward-looking
statements relating to IDT, including expectations for IDT’s proposed
acquisition of PLX. All statements included in this transcript concerning
activities, events or developments that IDT expects, believes or anticipates
will or may occur in the future are forward-looking statements.
Forward-looking statements are based on current expectations and projections
about future events and involve known and unknown risks, uncertainties and
other factors that may cause actual results and performance to be materially
different from any future results or performance expressed or implied by
forward-looking statements, including the following: uncertainties as to the
timing of the exchange offer and the subsequent merger; uncertainties as to
how many of PLX’s stockholders will tender their shares of common stock in the
exchange offer; the risk that competing offers or acquisition proposals will
be made; the risk that the exchange offer and the subsequent merger will not
close because of a failure to satisfy one or more of the offer closing
conditions (including regulatory approvals); the risk that the announcement
and pendency of the transactions may make it more difficult to establish or
maintain relationships with employees, suppliers and other business partners;
the risk that stockholder litigation in connection with the exchange offer or
the merger may result in significant costs of defense, indemnification and
liability; the risk that IDT’s or PLX’s business will have been adversely
impacted during the pendency of the exchange offer and the merger; the risk
that the operations of the companies will not be integrated successfully; the
risk that the expected cost savings and other synergies from the transaction
may not be fully realized, realized at all or take longer to realize than
anticipated; and other economic, business and competitive factors affecting
the businesses of IDT and PLX generally, including those set forth in the
filings of IDT and PLX with the SEC from time to time, including their
respective annual reports on Form 10-K and quarterly reports on Form 10-Q,
their current reports on Form 8-K and other SEC filings. These forward-looking
statements speak only as of the date of this communication and IDT does not
undertake any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events and developments or
otherwise, except as required by law.

  IDT and the IDT logo are trademarks or registered trademarks of Integrated
 Device Technology, Inc. All other brands, product names and marks are or may
 be trademarks or registered trademarks used to identify products or services
                         of their respective owners.

Contact:

IDT Press Contact:
IDT Corporate Marketing
Graham Robertson, 408-284-2644
graham.robertson@IDT.com
or
IDT Investor Relations Contact:
IDT Investor Relations
Mike Knapp, 408-284-6515
mike.knapp@IDT.com
 
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