National Semiconductor (NSM) shareholders got an unexpected gift from Texas Instruments (TXN) in April, when TI offered $6.5 billion in cash for its competitor.
Texas Instruments' $25-a-share offer marked a 78% premium over National Semi's stock before the deal was announced.
The deal, expected to close this year, came at an opportune time for National Semi's shareholders. The chipmaker's stock plunged 60% in 2008, at the height of the financial crisis, and stubbornly remained in a $10-$14 range for the next two years. Meanwhile the S&P 500 (SPX) more than doubled from its March 2009 lows during that same time period.
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