Bluetooth and Wi-Fi chipmaker Airoha Technology has terminated a plan to acquire fellow PHY transceiver and media controller IC vendor IC Plus, as the latter's shareholders have decided to waive the planned acquisition project.
Under the original plan, the two companies will proceed with a merger through a share swap through which Airoha will become the survival company and IC Plus will be delisted from Taiwan's OTC securities market.
The merger plan will have been approved if over 66% of IC Plus's shareholders participated a company shareholders meeting and appoved the project on February 23. However, only less than 62% of shareholders participated in the discussion.
Since Airoha has already acquired a 20% stake in IC Plus, both parties are likely to continue talks for further cooperation to develop related technologies and products.