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Cree to Acquire Nitres

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DURHAM, N.C., April 17 -- Cree Inc. has signed a definitive agreement to acquire privately held Nitres Inc., a developer of nitride-based semiconductor devices. The terms of the agreement call for Cree to acquire all outstanding and vested shares of Nitres stock in exchange for approximately 1.5 million shares of Cree common stock in a pooling-of-interests transaction. In a related transaction, Cree will issue approximately 350,000 unvested Cree shares in exchange for unvested Nitres shares; Cree also will assume all outstanding Nitres stock options and warrants, which will be exercisable for...Read full article

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    Published: April 2000
    ConsumerindustrialNews & Features

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