SANTA CLARA, Calif.,
March 16, 2018 /PRNewswire/ --
Marvell Technology Group Ltd. (NASDAQ: MRVL) today announced that
its shareholders have voted to approve the issuance of Marvell
common shares in connection with the previously announced proposed
acquisition of Cavium, Inc. (NASDAQ: CAVM). In a preliminary count
of the voting results from today's meeting of shareholders, more
than 99 percent of votes represented in person or by proxy were
voted in favor of approving the issuance of Marvell common shares
in connection with the proposed acquisition. At a meeting held
today prior to the Marvell shareholder vote, Cavium shareholders
voted to approve the merger with Marvell. Marvell expects the
transaction to close mid-calendar year 2018, subject to customary
closing conditions, including receipt of regulatory
approvals.
The final voting results on all agenda items for each company's
special meeting will be disclosed in separate Current Reports on
Form 8-K to be filed with the Securities and Exchange
Commission.
About Marvell
Marvell first revolutionized the digital storage industry by
moving information at speeds never thought possible. Today, that
same breakthrough innovation remains at the heart of the company's
storage, networking and connectivity solutions. With leading
intellectual property and deep system-level knowledge, Marvell's
semiconductor solutions continue to transform the enterprise,
cloud, automotive, industrial, and consumer markets. To learn
more, visit: www.marvell.com.
Cautionary Statement Regarding Forward-Looking
Statements
This document contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Cavium and Marvell, including
statements regarding the benefits of the transaction, the
anticipated timing of the transaction and the products and markets
of each company. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) uncertainties as to the
timing of the consummation of the transaction and the ability of
each party to consummate the transaction, (ii) the failure to
satisfy the conditions to the consummation of the transaction,
(iii) the failure to realize the anticipated benefits of the
proposed transaction, including as a result of delay in completing
the transaction or integrating the businesses of Cavium and
Marvell, (iv) the effect of the announcement or
pendency of the transaction on Cavium's business relationships,
operating results, and business generally, (v) risks that the
proposed transaction disrupts current plans and operations of
Cavium or Marvell and potential difficulties in Cavium employee
retention as a result of the transaction, (vi) the outcome
of litigation and other legal proceedings against Cavium and/or
Marvell or to which Cavium and/or Marvell become subject, and (vii)
the ability of Marvell to successfully integrate Cavium's
operations and product lines. The foregoing review of important
factors should not be construed as exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties that affect the businesses of Marvell and Cavium
described in the "Risk Factors" section of their respective Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and other
documents filed by either of them from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Marvell and Cavium assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither Marvell nor Cavium gives any assurance that
either Marvell or Cavium will achieve its expectations.
For further information, contact:
T. Peter Andrew
Vice President, Treasury and Investor Relations
408-222-0777
ir@marvell.com
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SOURCE Marvell Technology Group Ltd.
