Communications technology group Innovision Research & Technology PLC (INN.LN) Friday said it has accepted a recommended cash offer by U.S. semiconductor firm Broadcom Corp. (BRCM), which values the company at about GBP32 million.

The company intends to ask shareholders to agree to the 35 pence a share takeover by Broadcom, whose chips power Apple Inc.'s (AAPL) iPad.

The offer price represents a premium of 84.2% to Innovision's closing share price the day before the offer was announced and a 75.2% premium to Innovision's average share price in the three months before the deal.

Broadcom said the takeover will provide it with important technology and engineering talent to develop its wireless connectivity business.

Separately, Innovision announced a narrower pretax loss, of GBP2.88 million from GBP2.9 million a year earlier.

Revenue climbed to about GBP2 million from GBP1.2 million a year earlier and Innovision said activity levels in its markets continue to improve.

-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; hannah.benjamin@dowjones.com
Innovision Research&technology (LSE:INN)
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