Parthus and Ceva get approval for merger

Parthus, DSP Group, Inc and Ceva, Inc have jointly announced the High Court has approved the scheme of arrangement, including the capital repayment, as set out in a circular to shareholders and option holders dated September 2, 2002.

Ceva is a division of the US Group DSP. Parthus and Ceva will combine to form ParthusCeva, Inc.

Parthus will distribute an aggregate capital repayment of almost €60m to its existing shareholders.

Parthus and Ceva are currently finalising approvals from the US Securities and Exchange Commission and the United Kingdom Listing Authority, and expect that the transaction will close and trading of the common stock of ParthusCeva on NASDAQ and the London Stock Exchange will begin following receipt of these final approvals.

Trading in Parthus ordinary shares on the London Stock Exchange and Parthus American Depositary Shares on NASDAQ will continue until a closing date is fixed.

The date of closing will be announced as soon as it has been determined.