Infineon to acquire Wolfspeed for US Dollar 850 million in cash
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Canaccord Genuity Raises Price Target on Cree (CREE) Following Announced Wolfspeed Sale
July 15, 2016 10:42 AM EDTCanaccord Genuity reiterated a Hold rating on Cree (NASDAQ: CREE), and raised the price target to $24.00 (from $19.00), following the company's announced sale of its Wolfspeed Power & RF segment. Canaccord is incrementally more positive on Cree's financial standing following the announcement of this deal.... More
Cree (CREE) to Sell Wolfspeed to Infineon in $850M Deal
July 14, 2016 7:08 AM EDTCree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced execution of a definitive agreement to sell its Wolfspeed Power and RF division (Wolfspeed), which includes the silicon carbide substrate business for power, RF and gemstone applications, to Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) for $850 million in cash.
In 2015, the Company announced its strategy to become a more focused LED lighting company. As part of that strategy, the Company also announced the proposed IPO of Wolfspeed to create a more focused Power and RF... More
