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Previous: GATEFIELD CORP, SC 13E3, EX-99.(A)(1), 2000-07-10 |
Next: GATEFIELD CORP, DEFR14A, PRER14A, 2000-07-10 |
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
DEAL SIZE--$10 TO $100 MM
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET DESCRIPTION
--------------------- --------- -------------------------------- ------------------------------
<C> <C> <S> <C>
11/30/99 11/30/99 MST Analytics Inc Mnfr semiconductors
09/20/99 02/01/00 Aseco Corp Mnfr integrated circuits
09/15/99 09/15/99 Cencorp (DII Group) Mnfr, equip for circuit boards
07/02/99 08/25/99 Clare EMG Inc (CP Claire Corp) Mnfr semiconductor switches
05/03/99 06/10/99 Quadrus Contract Manufacturing Mnfr semidconductors
03/04/99 07/07/99 Watkins-Johnson-Atmospheric Mnfr semiconductor mnfr prods
02/11/99 04/15/99 Linfinity Microelectronics Inc Mnfr semiconductors
02/01/99 02/01/99 MicroVision Corp Mnfr semiconductors
11/02/98 05/03/99 Quality Semiconductor Manufacture semiconductors
07/24/98 12/23/98 Information Storage Devices Mnfr voice recorded circuits
05/04/98 10/26/98 Electronic Designs Inc Mnfr memory components
02/20/98 08/05/98 Now Technologies Inc Mnfr semiconductor pkg sys
02/11/98 04/01/98 WEB Tech-Cert Semiconduct Asts Cert semiconductor equip asts
01/21/98 05/15/98 BKC Semiconductors Inc Mnfr semiconductor devices
04/07/97 10/13/97 Advanced Delivery & Chem Sys Mnfr semiconductor film
11/05/96 03/14/97 Panatech Research & Development Manufacture semiconductors
10/18/96 10/18/96 Sensor Engineering Mnfr access control cards
07/01/96 10/16/96 Interpoint Corp Mnfr microelelectrn circuits
02/13/96 02/13/96 Radionics (Expamet Intl) Mnfr electronic security sys
05/08/95 11/09/95 Data Switch Corp Data processing equip, systems
11/10/94 03/07/95 Margaux Inc Mnfr energy management systems
09/13/94 01/27/95 nCHIP Inc Mnfr multichip modules
06/01/94 08/11/94 PicoPower Technology Inc Mnfr VLSI controller chips
10/04/93 10/21/93 Resistance Technology Inc Mnfr semiconductors
02/18/93 08/31/93 SubMicron Systems Inc Mnfr semiconductors
11/12/92 12/02/92 Square D Co-Infrared Infrared measurement division
03/10/92 04/10/92 Acumos Inc Manufacture computer chips
09/03/91 10/25/91 Crystal Semiconductor Corp Mnfr integrated circuits
05/23/91 06/03/91 Power General Corp Manufacture capacitors
03/27/91 10/16/91 Western Digital Corp-LAN Bus Manufacture microcircuits
<CAPTION>
OFFER AS PREMIUM
AGG. TO MKT. PRICE PRIOR
TRANS. TRANS. TO ANCMT. DATE
DATE VALUE VALUE ---------------------
ANNOUNCED ACQUIROR ($MIL) ($MIL) 1 DAY 4 WK.
--------------------- -------------------------------- -------- -------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 ATMI Inc 32.1 32.1 NA NA
09/20/99 Micro Component Technology Inc 19.8 19.4 27.7% 114.8%
09/15/99 PMJ Automec Oy 11.0 11.0 NA NA
07/02/99 Sumida Electric Co Ltd 36.0 36.0 NA NA
05/03/99 Pemstar Inc 34.0 34.0 NA NA
03/04/99 Silicon Valley Group Inc 46.0 46.0 NA NA
02/11/99 Microsemi Corp 24.1 22.2 NA NA
02/01/99 Electro Scientific Inds Inc 44.6 44.6 NA NA
11/02/98 IDT Inc 36.1 36.1 62.4% 131.3%
07/24/98 Windbond Electronic Corp 66.3 57.9 46.3% 44.6%
05/04/98 Bowmar Instrument Corp 12.9 11.2 NM NM
02/20/98 ATMI Inc 46.6 46.6 NA NA
02/11/98 Aetrium Inc 23.6 23.6 NA NA
01/21/98 Microsemi Corp 13.3 13.8 66.7% 66.7%
04/07/97 Advanced Technology Materials 90.8 87.2 NA NA
11/05/96 Harbour Group Ltd 29.2 26.2 55.6% 51.4%
10/18/96 HID Corp 11.2 11.2 NA NA
07/01/96 Crane Co 52.8 65.1 NM NM
02/13/96 Detection Systems Inc 17.7 17.7 NA NA
05/08/95 General Signal Corp 72.8 65.0 25.6% 57.0%
11/10/94 Dover Diversified Inc 11.5 12.5 NA NA
09/13/94 Flextronics International Ltd 37.4 39.1 NA NA
06/01/94 Cirrus Logic Inc 44.4 37.9 NA NA
10/04/93 Selas Corp of America 22.3 22.1 NA NA
02/18/93 Trinity Capital Enterprise 38.3 40.1 NA NA
11/12/92 Fairey Group PLC 21.0 21.0 NA NA
03/10/92 Cirrus Logic Inc 67.0 63.8 NA NA
09/03/91 Cirrus Logic Inc 60.6 58.8 NA NA
05/23/91 Nidec Corp (Nippon Densan Corp) 10.1 10.1 NA NA
03/27/91 Standard Microsystems Corp 33.0 33.0 NA NA
TOP OF RANGE: 66.7% 131.3%
MEAN: 47.4% 77.6%
MEDIAN: 50.9% 61.9%
BOTTOM OF RANGE: 25.6% 44.6%
<CAPTION>
AGGREGATE TRANSACTION VALUE MARKET VALUE
AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
DATE --------------------------------- ---------------------
ANNOUNCED SALES EBIT EBITDA NET INC. BOOK VAL.
--------------------- --------- --------- --------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 1.6x NA NA 45.9x NA
09/20/99 1.1x NM NM NM 2.1x
09/15/99 1.2x NA NA NA NA
07/02/99 0.7x NA NA NA NA
05/03/99 0.4x NA NA NA NA
03/04/99 0.5x NM NM NM 1.4x
02/11/99 0.5x NM NM NM 1.0x
02/01/99 3.2x NA NA NA NA
11/02/98 0.5x NM NM NM 1.1x
07/24/98 1.1x NM NM NM 1.2x
05/04/98 0.3x 8.4x 4.1x 9.2x 1.1x
02/20/98 3.1x NA NA NA NA
02/11/98 3.5x NM NM NA 8.4x
01/21/98 1.2x 10.4x 10.4x 22.2x 3.8x
04/07/97 4.0x 12.6x 11.8x 15.1x 8.3x
11/05/96 2.4x 10.3x 8.9x 19.5x 3.7x
10/18/96 0.7x NA NA NA NA
07/01/96 0.7x 7.3x 5.9x 9.4x 2.0x
02/13/96 0.4x NA NA NA NA
05/08/95 0.8x 5.7x 4.4x 10.3x 3.2x
11/10/94 0.6x NM NM NM NM
09/13/94 4.4x NM 62.1x 37.4x NM
06/01/94 2.0x 20.5x 19.4x 37.0x 6.2x
10/04/93 1.1x 8.4x 5.6x 13.9x 2.5x
02/18/93 1.5x 22.0x 18.9x 191.5x 127.7x
11/12/92 1.3x 11.7x 11.7x NA NA
03/10/92 1.8x NA 79.8x 23.1x 9.4x
09/03/91 NA NA NA NA 12.4x
05/23/91 0.6x NA NA NA NA
03/27/91 0.3x NA NA NA NA
4.4x 22.0x 79.8x 191.5x 127.7x
1.4x 11.7x 20.2x 36.2x 11.5x
1.1x 10.4x 11.0x 20.8x 3.2x
0.3x 5.7x 4.1x 9.2x 1.0x
</TABLE>
----------------------------------
* Industry defined by the following SIC codes for target companies:
3674: Semiconductor
Source: Securities Data Company
1
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
DEAL SIZE--$25 TO $50 MM
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET DESCRIPTION
--------------------- --------- -------------------------------- ------------------------------
<C> <C> <S> <C>
11/30/99 11/30/99 MST Analytics Inc Mnfr semiconductors
07/02/99 08/25/99 Clare EMG Inc(CP Claire Corp) Mnfr semiconductor switches
05/03/99 06/10/99 Quadrus Contract Manufacturing Mnfr semidconductors
03/04/99 07/07/99 Watkins-Johnson-Atmospheric Mnfr semiconductor mnfr prods
02/01/99 02/01/99 MicroVision Corp Mnfr semiconductors
11/02/98 05/03/99 Quality Semiconductor Manufacture semiconductors
02/20/98 08/05/98 Now Technologies Inc Mnfr semiconductor pkg sys
11/05/96 03/14/97 Panatech Research&Development Manufacture semiconductors
09/13/94 01/27/95 nCHIP Inc Mnfr multichip modules
06/01/94 08/11/94 PicoPower Technology Inc Mnfr VLSI controller chips
02/18/93 08/31/93 SubMicron Systems Inc Mnfr semiconductors
03/27/91 10/16/91 Western Digital Corp-LAN Bus Manufacture microcircuits
<CAPTION>
OFFER AS PREMIUM
AGG. TO MKT. PRICE PRIOR
TRANS. TRANS. TO ANCMT. DATE
DATE VALUE VALUE ---------------------
ANNOUNCED ACQUIROR ($MIL) ($MIL) 1 DAY 4 WK.
--------------------- -------------------------------- -------- -------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 ATMI Inc 32.1 32.1 NA NA
07/02/99 Sumida Electric Co Ltd 36.0 36.0 NA NA
05/03/99 Pemstar Inc 34.0 34.0 NA NA
03/04/99 Silicon Valley Group Inc 46.0 46.0 NA NA
02/01/99 Electro Scientific Inds Inc 44.6 44.6 NA NA
11/02/98 IDT Inc 36.1 36.1 62.4% 131.3%
02/20/98 ATMI Inc 46.6 46.6 NA NA
11/05/96 Harbour Group Ltd 29.2 26.2 55.6% 51.4%
09/13/94 Flextronics International Ltd 37.4 39.1 NA NA
06/01/94 Cirrus Logic Inc 44.4 37.9 NA NA
02/18/93 Trinity Capital Enterprise 38.3 40.1 NA NA
03/27/91 Standard Microsystems Corp 33.0 33.0 NA NA
<CAPTION>
AGGREGATE TRANSACTION VALUE MARKET VALUE
AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
DATE --------------------------------- ---------------------
ANNOUNCED SALES EBIT EBITDA NET INC. BOOK VAL.
--------------------- --------- --------- --------- --------- ---------
<C> <C> <C> <C> <C> <C>
11/30/99 1.6x NA NA 45.9x NA
07/02/99 0.7x NA NA NA NA
05/03/99 0.4x NA NA NA NA
03/04/99 0.5x NM NM NM 1.4x
02/01/99 3.2x NA NA NA NA
11/02/98 0.5x NM NM NM 1.1x
02/20/98 3.1x NA NA NA NA
11/05/96 2.4x 10.3x 8.9x 19.5x 3.7x
09/13/94 4.4x NM 62.1x 37.4x NM
06/01/94 2.0x 20.5x 19.4x 37.0x 6.2x
02/18/93 1.5x 22.0x 18.9x NM NM
03/27/91 0.3x NA NA NA NA
4.4x 22.0x 62.1x 45.9x 6.2x
1.7x 17.6x 27.3x 34.9x 3.1x
1.6x 20.5x 19.1x 37.2x 2.6x
0.3x 10.3x 8.9x 19.5x 1.1x
</TABLE>
TOP OF RANGE: 62.4% 131.3%
MEAN: 59.0% 91.3%
MEDIAN: 59.0% 91.3%
BOTTOM OF RANGE: 55.6% 51.4%
----------------------------------
* Industry defined by the following SIC codes for target companies:
3674: Semiconductor
Source: Securities Data Company
2
<PAGE>
ACQUISITIONS OF SEMICONDUCTOR COMPANIES
JANUARY 1, 1990 TO PRESENT
<TABLE>
<CAPTION>
DATE DATE
ANNOUNCED EFFECTIVE TARGET DESCRIPTION
--------------------- --------- -------------------------------- -------------------------------
<C> <C> <S> <C>
02/29/00 05/05/00 CVC Inc Mnfr fabrication equipment
12/20/99 03/13/00 Maker Communications Inc Manufacture silicon technology
11/30/99 11/30/99 MST Analytics Inc Mnfr semiconductors
09/20/99 02/01/00 Aseco Corp Mnfr integrated circuits
09/15/99 09/15/99 Cencorp (DII Group) Mnfr, equip for circuit boards
09/13/99 12/01/99 Smart Modular Technologies Inc Mnfr memory modules
07/23/99 10/15/99 Unitrode Corp Manufacture semiconductors
07/02/99 08/25/99 Clare EMG Inc (CP Claire Corp) Mnfr semiconductor switches
06/02/99 08/16/99 Harris Corp-Semiconductor Mnfr semiconductors
05/11/99 08/05/99 Motorola-Semiconductor Grp Mnfr semiconductor components
05/03/99 06/10/99 Quadrus Contract Manufacturing Mnfr semidconductors
04/21/99 06/15/99 Vantis Corp Mnfr semiconductors
04/20/99 04/20/99 Hycomp Inc (XCEL Corp) Mnfr microelectronic circuits
03/04/99 08/10/99 Level One Communications Inc Mnfr integrated circuits
03/04/99 07/07/99 Watkins-Johnson-Atmospheric Mnfr semiconductor mnfr prods
02/22/99 06/22/99 SEEQ Technology Inc Mnfr semiconductors
02/11/99 04/15/99 Linfinity Microelectronics Inc Mnfr semiconductors
02/01/99 02/01/99 MicroVision Corp Mnfr semiconductors
01/22/99 06/01/99 Paradise Electronics Inc Dvlp, whl integrated circuits
11/02/98 05/03/99 Quality Semiconductor Manufacture semiconductors
10/22/98 11/10/98 Synergy Semiconductor Corp Manufacture semiconductors
07/24/98 12/23/98 Information Storage Devices Mnfr voice recorded circuits
07/13/98 08/05/98 Concept Systems Design Inc Mnfr epitaxial systems
06/18/98 10/01/98 Texas Instruments-MMP Bus Mnfr semiconductor memory prod
05/04/98 10/26/98 Electronic Designs Inc Mnfr memory components
03/02/98 08/03/98 Benchmarq Microelectronics Inc Mnfr microprocessors
02/11/98 04/01/98 WEB Tech-Cert Semiconduct Asts Cert semiconductor equip asts
01/21/98 05/15/98 BKC Semiconductors Inc Mnfr semiconductor devices
11/27/97 12/31/97 Raytheon Electronics Mnfr analog semiconductors
07/28/97 11/17/97 Cyrix Corp Mnfr PC units, microprocessors
07/21/97 02/27/98 Zilog Inc Manufacture semiconductors
04/07/97 10/13/97 Advanced Delivery & Chem Sys Mnfr semiconductor film
04/07/97 04/17/97 Film Microelectronics Inc Mnfr integrated circuits
01/14/97 04/30/97 Tencor Instruments Inc Mnfr test instruments
11/05/96 03/14/97 Panatech Research & Development Manufacture semiconductors
11/04/96 01/10/97 Metacomp Inc Dvlp central processing units
10/18/96 10/18/96 Sensor Engineering Mnfr access control cards
07/01/96 09/25/96 Brooktree Corp Manufacture semiconductors
07/01/96 10/16/96 Interpoint Corp Mnfr microelelectrn circuits
06/10/96 08/23/96 Orbit Semiconductor Inc Manufacture semiconductors
02/13/96 02/13/96 Radionics (Expamet Intl) Mnfr electronic security sys
10/20/95 01/17/96 NexGen Inc Manufacture microprocessors
05/08/95 11/09/95 Data Switch Corp Data processing equip, systems
04/03/95 04/03/95 ARK Logic (Integrated Circuit) Mnfr display adapter chips
03/23/95 09/29/95 Pulse Engineering Inc Mnfr solid state modules
03/10/95 06/30/95 M/A-COM Inc Mnfr semiconductors,circuits
11/10/94 03/07/95 Margaux Inc Mnfr energy management systems
09/13/94 01/27/95 nCHIP Inc Mnfr multichip modules
07/27/94 09/21/94 IRT Corp Automated inspection products
06/01/94 08/11/94 PicoPower Technology Inc Mnfr VLSI controller chips
01/18/94 01/18/94 Marconi Circuit Technology Mnfr semiconductors
10/04/93 10/21/93 Resistance Technology Inc Mnfr semiconductors
03/10/93 03/10/93 Liberty Engineering Inc Manufacture semiconductors
02/18/93 08/31/93 SubMicron Systems Inc Mnfr semiconductors
02/10/93 03/17/93 Rhetorex Inc Mnfr semiconductors
12/07/92 03/18/93 Diodes Inc Mnfr, whl semiconductors
11/12/92 12/02/92 Square D Co-Infrared Infrared measurement division
03/12/92 06/29/92 MIPS Computer Systems Inc Mnfr semiconductors
01/15/92 02/18/92 Plus Logic Inc Manufacture semiconductors
05/23/91 06/03/91 Power General Corp Manufacture capacitors
03/27/91 10/16/91 Western Digital Corp-LAN Bus Manufacture microcircuits
07/31/90 12/24/90 Siliconix Inc Mnfr integrated circuits
02/02/90 04/01/90 Diodes Inc Mnfr, whl semiconductors
<CAPTION>
OFFER AS PREMIUM
AGG. TO MKT. PRICE PRIOR
TRANS. TRANS. TO ANCMT. DATE
DATE VALUE VALUE ---------------------
ANNOUNCED ACQUIROR ($MIL) ($MIL) 1 DAY 4 WK.
--------------------- -------------------------------- -------- -------- --------- ---------
<C> <C> <C> <C> <C> <C>
02/29/00 Veeco Instruments Inc 441.9 445.0 10.2% 88.0%
12/20/99 Conexant Systems Inc 846.7 828.6 34.2% 83.8%
11/30/99 ATMI Inc 32.1 32.1 NA NA
09/20/99 Micro Component Technology Inc 19.8 19.4 27.7% 114.8%
09/15/99 PMJ Automec Oy 11.0 11.0 NA NA
09/13/99 Solectron Corporation 1937.6 1816.5 68.2% 98.9%
07/23/99 Texas Instruments Inc 847.9 751.3 NM NM
07/02/99 Sumida Electric Co Ltd 36.0 36.0 NA NA
06/02/99 Intersil Corp 700.0 700.0 NA NA
05/11/99 Investor Group 1600.0 1600.0 NA NA
05/03/99 Pemstar Inc 34.0 34.0 NA NA
04/21/99 Lattice Semiconductor Corp 500.0 426.4 NA NA
04/20/99 Undisclosed Acquiror 0.8 0.8 NA NA
03/04/99 Intel Corp 2272.7 2338.4 52.3% 35.8%
03/04/99 Silicon Valley Group Inc 46.0 46.0 NA NA
02/22/99 LSI Logic Corp 104.3 98.1 46.9% 117.0%
02/11/99 Microsemi Corp 24.1 22.2 NA NA
02/01/99 Electro Scientific Inds Inc 44.6 44.6 NA NA
01/22/99 Genesis Microchip Inc 133.3 132.1 NA NA
11/02/98 IDT Inc 36.1 36.1 62.4% 131.3%
10/22/98 Micrel Inc 9.9 15.7 NA NA
07/24/98 Windbond Electronic Corp 66.3 57.9 46.3% 44.6%
07/13/98 Mattson Technology Inc 7.0 6.6 NA NA
06/18/98 Micron Technology Inc 1285.8 1285.8 NA NA
05/04/98 Bowmar Instrument Corp 12.9 11.2 NM NM
03/02/98 Unitrode Corp 150.6 145.5 15.8% 67.2%
02/11/98 Aetrium Inc 23.6 23.6 NA NA
01/21/98 Microsemi Corp 13.3 13.8 66.7% 66.7%
11/27/97 Fairchild Semiconductor Corp 120.0 119.8 NA NA
07/28/97 National Semiconductor Corp 566.4 619.0 30.3% 29.5%
07/21/97 Texas Pacific Group Inc 396.8 389.0 NM NM
04/07/97 Advanced Technology Materials 90.8 87.2 NA NA
04/07/97 SatCon Technology Corp 2.7 3.0 NA NA
01/14/97 KLA Instruments Corp 1343.6 1230.8 33.1% 70.2%
11/05/96 Harbour Group Ltd 29.2 26.2 55.6% 51.4%
11/04/96 Patriot Scientific Corp 2.5 2.5 NA NA
10/18/96 HID Corp 11.2 11.2 NA NA
07/01/96 Rockwell International Corp 261.8 258.9 42.9% 16.5%
07/01/96 Crane Co 52.8 65.1 NM NM
06/10/96 DII Group Inc 118.3 37.8% 57.2%
02/13/96 Detection Systems Inc 17.7 17.7 NA NA
10/20/95 Advanced Micro Devices Inc 755.5 722.2 NM NA
05/08/95 General Signal Corp 72.8 65.0 25.6% 57.0%
04/03/95 Integrated Circuit Systems Inc 2.0 1.9 NA NA
03/23/95 Technitrol Inc 100.0 94.1 189.2% 209.9%
03/10/95 AMP Inc 292.8 351.5 52.0% 49.3%
11/10/94 Dover Diversified Inc 11.5 12.5 NA NA
09/13/94 Flextronics International Ltd 37.4 39.1 NA NA
07/27/94 Thermo Instrument Systems Inc 6.8 11.3 NA NA
06/01/94 Cirrus Logic Inc 44.4 37.9 NA NA
01/18/94 Aeroflex Laboratories (ARX Inc) 7.0 7.0 NA NA
10/04/93 Selas Corp of America 22.3 22.1 NA NA
03/10/93 Chevalier Engineering Inc 0.5 0.5 NA NA
02/18/93 Trinity Capital Enterprise 38.3 40.1 NA NA
02/10/93 VMX Inc 6.3 5.6 NA NA
12/07/92 Lite-On Power Semiconductor 0.4 (0.7) NA NA
11/12/92 Fairey Group PLC 21.0 21.0 NA NA
03/12/92 Silicon Graphics Inc 217.7 160.4 NM NM
01/15/92 Xilinx Inc 3.6 2.4 NA NA
05/23/91 Nidec Corp (Nippon Densan Corp) 10.1 10.1 NA NA
03/27/91 Standard Microsystems Corp 33.0 33.0 NA NA
07/31/90 AEG AG (Daimler-Benz AG) 2.0 2.0 NA NA
02/02/90 Silitek Corp 1.9 1.5 36.4% 15.4%
<CAPTION>
AGGREGATE TRANSACTION VALUE MARKET VALUE
AS A MULTIPLE OF LTM AS MULTIPLE OF LTM
DATE --------------------------------- ---------------------
ANNOUNCED SALES EBIT EBITDA NET INC. BOOK VAL.
--------------------- --------- --------- --------- --------- ---------
<C> <C> <C> <C> <C> <C>
02/29/00 4.8x NM 53.0x NM 9.0x
12/20/99 60.9x NM NM NM 14.7x
11/30/99 1.6x NA NA 45.9x NA
09/20/99 1.1x NM NM NM 2.1x
09/15/99 1.2x NA NA NA NA
09/13/99 2.0x 26.4x 23.2x 37.8x 6.0x
07/23/99 4.5x 36.3x 20.7x 48.2x 3.9x
07/02/99 0.7x NA NA NA NA
06/02/99 1.3x NA NA NA NA
05/11/99 1.1x NM NM NA 2.1x
05/03/99 0.4x NA NA NA NA
04/21/99 2.1x 19.7x 16.8x 29.1x 9.1x
04/20/99 0.3x NA NA NA NA
03/04/99 8.0x 50.7x 36.4x 72.1x 12.5x
03/04/99 0.5x NM NM NM 1.4x
02/22/99 3.7x NM NM NM 7.3x
02/11/99 0.5x NM NM NM 1.0x
02/01/99 3.2x NA NA NA NA
01/22/99 34.8x NM NM NM 88.9x
11/02/98 0.5x NM NM NM 1.1x
10/22/98 0.4x 5.6x 3.2x 4.5x 1.5x
07/24/98 1.1x NM NM NM 1.2x
07/13/98 0.5x NM NM NM 0.8x
06/18/98 0.8x NM 51.1x NM NA
05/04/98 0.3x 8.4x 4.1x 9.2x 1.1x
03/02/98 3.2x 14.5x 12.1x 19.6x 4.6x
02/11/98 3.5x NM NM NA 8.4x
01/21/98 1.2x 10.4x 10.4x 22.2x 3.8x
11/27/97 1.5x 10.5x 6.7x 17.4x 2.7x
07/28/97 2.8x NM 38.8x NM 4.5x
07/21/97 1.4x 19.6x 5.0x 26.5x 1.2x
04/07/97 4.0x 12.6x 11.8x 15.1x 8.3x
04/07/97 0.6x NM NM NM 27.0x
01/14/97 3.0x 12.0x 10.5x 20.0x 3.9x
11/05/96 2.4x 10.3x 8.9x 19.5x 3.7x
11/04/96 1.3x NA NA NA NA
10/18/96 0.7x NA NA NA NA
07/01/96 1.8x NM 23.5x 37.4x 1.8x
07/01/96 0.7x 7.3x 5.9x 9.4x 2.0x
06/10/96 NA NA NA 22.3x 3.1x
02/13/96 0.4x NA NA NA NA
10/20/95 34.7x NM NM NM 16.5x
05/08/95 0.8x 5.7x 4.4x 10.3x 3.2x
04/03/95 1.3x NM NM NM 5.0x
03/23/95 1.4x NM NM NM 2.3x
03/10/95 1.0x 47.2x 47.2x NM 2.5x
11/10/94 0.6x NM NM NM NM
09/13/94 4.4x NM 62.1x 37.4x NM
07/27/94 0.6x 5.5x 3.7x 9.7x 5.7x
06/01/94 2.0x 20.5x 19.4x 37.0x 6.2x
01/18/94 0.4x NM NM NM 1.3x
10/04/93 1.1x 8.4x 5.6x 13.9x 2.5x
03/10/93 NA NM NM NM NA
02/18/93 1.5x 22.0x 18.9x NM NM
02/10/93 1.0x 9.4x 8.1x 15.8x 6.3x
12/07/92 NM 47.9x NM NA 0.1x
11/12/92 1.3x 11.7x 11.7x NA NA
03/12/92 1.1x NM NM NM 1.9x
01/15/92 1.4x NM NM NM 18.0x
05/23/91 0.6x NA NA NA NA
03/27/91 0.3x NA NA NA NA
07/31/90 NA NM 4.0x NM 0.1x
02/02/90 0.1x NM 7.2x NM 0.4x
60.9x 50.7x 62.1x 72.1x 88.9x
3.7x 18.4x 18.4x 25.2x 6.9x
1.2x 12.0x 11.7x 20.0x 3.2x
0.1x 5.5x 3.2x 4.5x 0.1x
</TABLE>
TOP OF RANGE: 189.2% 209.9%
MEAN: 49.1% 73.9%
MEDIAN: 42.9% 66.7%
BOTTOM OF RANGE: 10.2% 15.4%
----------------------------------
* Industry defined by the following SIC codes for target companies:
3674: Semiconductor
Source: Securities Data Company
3
<PAGE>
GATEFIELD CORPORATION
TRADING MULTIPLES OF SELECTED SMALL CAP COMPARABLE COMPANIES
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
MARKET VALUE TOTAL CAPITALIZATION TO REVENUE RATIOS
SHARES SHARE OF COMMON ------------------------------------------
OUTSTANDING PRICE STOCK LAST TWELVE CALENDAR CALENDAR
(000S) 05/22/00 (000S) MONTHS 2000 EST. 2001 EST.
----------- -------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
XLNX 321,293 $64.94 $20,864,767 23.1x 20.4x 12.9x
QUIK 22,192 28.19 625,592 13.7x 10.7x 7.9x
ALTR 199,068 79.52 15,829,887 18.0x 12.2x 9.0x
Summary Multiples:
Top of Range: 23.1x 20.4x 12.9x
Mean: 18.3x 14.4x 10.0x
Bottom of Range: 13.7x 10.7x 7.9x
GATE (Deal *) 6,304 5.25 $ 33,097 20.3x 1.7x 1.0x
GATE (Deal **) 7,430 5.25 $ 39,007 23.5x 2.0x 1.2x
<CAPTION>
MARKET VALUE OF COMMON STOCK
SHARE RATIOS (P/E RATIOS) MARKET
--------------------------------------------- VALUE TO
LAST TWELVE CALENDAR CALENDAR BOOK VALUE
MONTHS 2000 EST. 2001 EST. RATIOS
------------- ------------- ------------- ----------
<S> <C> <C> <C> <C>
XLNX 59.5x 87.8x 56.0x 17.5x
QUIK 108.6x 58.1x 36.1x 16.0x
ALTR 64.0x 46.2x 33.8x 12.9x
Summary Multiples:
108.6x 87.8x 56.0x 17.5x
77.4x 64.0x 42.0x 15.5x
59.5x 46.2x 33.8x 12.9x
GATE (Deal *) NM 8.0x 2.6x NM
GATE (Deal **) NM 9.5x 3.0x NM
</TABLE>
------------------------------
*--Actel will pay $5.25 cash for each outstanding share of GateField Common
Stock; based on outstanding on record date 6,304,231
**--Actel will pay $5.25 cash for each outstanding share of GateField Common
Stock; based on fully diluted 7,429,816
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