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Cirrus Logic to buy Wolfson for 291 mln stg

Reuters - UK Focus

LONDON, April 29 (Reuters) - U.S. handset maker Cirrus Logic (NasdaqGS: CRUS - news) Inc has agreed a deal to buy British microchip maker Wolfson Microelectronics (LSE: WLF.L - news) for 291 million pounds ($489 million) to boost its audio division, the two firms said on Tuesday.

In a joint statement, the companies said the price per share of 235 pence represented a premium of 75 percent to the closing price on Monday. ($1 = 0.5950 British Pounds) (Reporting by Kate Holton; Editing by Neil Maidment)