Piper Jaffray Discusses Advanced Analogic Purchase

Piper Jaffray is discussing the purchase of Advanced Analogic AATI by Skyworks Solutions SWKS. It has a Neutral rating and a $6.13 price target on shares of AATI. In a note to clients, Piper Jaffray writes, "Skyworks has entered into a definitive agreement to acquire AATI for a $6.13 per share, a 52 percent premium to Advanced Analogic Technologies' 30-day trailing average. The offer consists of $3.68 per share in cash and .08725 of a share of SWKS for each AATI. The amount of cash per share will be adjusted to maintain the $6.13 acquisition price if the average pre-close share value changes. The transaction is subject to approval by Advanced Analogic Technologies' shareholders and other customary closing conditions, including regulatory approvals. We believe that this is a good transaction for AATI shareholders. As a stand-a-lone entity the company had been unable to gain significant traction outside of the cell phone market. Price target raised from $3.80 to $6.13." Shares of AATI are trading at $5.98 in pre-market trading.