Skyworks Solutions, Inc. has delivered a notice of breach to Advanced Analogic Technologies Inc. (AnalogicTech) stating, among other things, that AnalogicTech has breached its covenant, agreement and obligation under the Merger Agreement to “act and carry on its business in the usual, regular and ordinary course in substantially the same manner as previously conducted, . . . and use commercially reasonable best efforts, consistent with past practices, to maintain and preserve its and each Subsidiary’s . . . assets . . . and preserve its advantageous business relationships with customers.”
According to a statement from Skyworks, David Aldrich, Skyworks’ CEO, had previously contacted Samuel Anderson, chairman of the board of AnalogicTech, to discuss the preliminary conclusions reached by Skyworks regarding AnalogicTech ’s business and financial performance and outlook from Skyworks’ review of the information and documents recently provided by AnalogicTech in response to Skyworks’ formal demand of August 24, 2011 and the notice of breach delivered by Skyworks to AnalogicTech on September 7, 2011, including information provided in connection with (and in follow-up to) a meeting of the parties on September 13, 2011.