SUNNYVALE, Calif.-Royal Philips Electronics said it has filed a consent statement with the
Securities and Exchange Commission seeking the consent of VLSI Technology Inc.’s shareholders to remove VLSI’s
board of directors.
Philips is attempting to acquire VLSI, which has resisted the takeover attempts and has adopted a
new shareholder rights agreement and bylaw amendments to fend off the hostile bid. Philips said it wants to replace
VLSI’s board with nominees who would allow its offer of $17 per share to proceed.
Philips also requested that a
record date be set to establish which VLSI shareholders are entitled to participate in the consent solicitation. Philips
said it expects to be ready to mail its consent statement to VLSI shareholders in about two weeks.
