IDT and PLX Technology Announce Termination of Proposed Transaction and IDT Withdraws Exchange Offer for PLX Technology Shares

  IDT and PLX Technology Announce Termination of Proposed Transaction and IDT
  Withdraws Exchange Offer for PLX Technology Shares

Business Wire

SAN JOSE, Calif. & SUNNYVALE, Calif. -- December 20, 2012

Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI), the Analog and
Digital Company™ delivering essential mixed-signal semiconductor solutions,
and PLX Technology, Inc. (“PLX Technology”) (NASDAQ: PLXT), a developer of I/O
interconnect silicon and complimentary software, today announced that they
have mutually agreed to terminate their merger agreement pursuant to which IDT
would acquire PLX Technology. Concurrently, IDT also announced that it is
withdrawing its related exchange offer to acquire all of the issued and
outstanding shares of common stock, $0.001 par value, of PLX Technology and
instructed Computershare, the exchange agent for the exchange offer, to
promptly return all previously tendered shares. As of the close of business on
December 19, 2012, 21,876,215 shares were previously tendered in the exchange
offer.

The decision to terminate the merger agreement and withdraw the exchange offer
was made in response to a determination by the United States Federal Trade
Commission (“FTC”) to file an administrative complaint challenging IDT’s
proposed acquisition of PLX Technology and the absence of a clear path for the
parties to complete the proposed transaction. Subsequent to the FTC
determination and following the parties review of the FTC’s decision and a
discussion of appropriate next steps, IDT informed PLX Technology that, with
the facts and circumstances known to IDT regarding the FTC decision at this
time, consistent with its rights under the terms of the merger agreement, IDT
would not extend the outside date for the exchange offer past January 31, 2013
and would not agree to any settlement or remedies with the FTC which included
IDT disposing of any portion of its business, assets or properties.

“We are disappointed by the FTC’s decision to seek to enjoin the transaction,”
said Ted Tewksbury, president and chief executive officer of IDT. “Although we
continue to believe in the benefits of the transaction, our management and
board of directors have determined that it was in the best long-term interests
of IDT and its stockholders not to pursue what would likely be a protracted,
costly and unpredictable litigation process. PLX impressed the IDT team
throughout the process with their professionalism and capabilities. During
this period of time PLX effectively executed on plans to significantly reduce
operating expenses consistent with IDT’s synergies savings plan which has
improved its financial condition.”

“After discussions with IDT and our board of directors, we agree that
litigation to pursue the acquisition by IDT is not in the best interests of
our stockholders,” said David Raun, interim president and chief executive
officer of PLX Technology. “IDT informed us that they would exercise their
right to not extend the outside date of the exchange offer beyond January 31,
2013. Given that litigation against the FTC to a final resolution could not
happen as a practical matter before January 31, 2012, PLX agreed to terminate
the transaction now to avoid fruitless legal expenses. While we are
disappointed with the FTC decision, we are excited about PLX Technology’s
prospects as an independent company. In the last six months we divested
unprofitable businesses, reducing our annual operating expenses by
approximately $20M, and strengthened our focus and technology leadership in
our core PCI Express business. We have a solid foundation for long term
growth, profitability and positive cash flow.”

About IDT

Integrated Device Technology, Inc., the Analog and Digital Company™, develops
system-level solutions that optimize its customers’ applications.IDTuses 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.,IDThas design, manufacturing and sales
facilities throughout the world.IDTstock is traded on theNASDAQGlobal
Select Stock Market® under the symbol “IDTI.” Additional information
aboutIDTis accessible at www.IDT.com.
FollowIDTonFacebook,LinkedIn,Twitter, andYouTube.

About PLX

PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale, Calif., USA, is an
industry-leading global provider of semiconductor-based connectivity solutions
primarily targeting the enterprise and consumer markets. The company develops
innovative software-enriched silicon that enables product differentiation,
reliable interoperability and superior performance. Visit PLX on plxtech.com,
Facebook, Twitter and YouTube.

Forward-Looking Statements

Certain statements in this press release may contain forward-looking
statements relating to IDT and/or PLX. Statements concerning activities,
events or developments that IDT and/or PLX 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: the risk that IDT’s or
PLX’s business will have been adversely impacted during the pendency of the
proposed transaction; 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 neither IDT nor
PLX undertakes 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.

PLX and the PLX logo are registered trademarks of PLX Technology, Inc.

Contact:

IDT Press Contact:
Graham Robertson, 408-284-2644
Integrated Device Technology, Inc. Corporate
graham.robertson@IDT.com
or
IDT Investor Relations Contacts:
Mike Knapp, 408-284-6515
Integrated Device Technology, Inc. Investor Relations
mike.knapp@IDT.com
or
PLX Investor Relations Contact:
Leslie Green, 650-312-9060
Green Communications Consulting, LLC
leslie@greencommunicationsllc.com
or
PLX Company Contact:
Arthur O. Whipple, CFO, 408-774-9060
PLX Technology, Inc.
investor-relations@plxtech.com
 
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