1999-03-05 ,
News Flash

Royal Philips Electronics (NYSE: PHG) announced that it has commenced today a cash offer to acquire all of the outstanding common shares of VLSI Technology, Inc. (Nasdaq: VLSI) at a price of $17 per share, net to the seller in cash. The tender offer is scheduled to expire at midnight, New York City time, on Thursday, April 1, 1999, unless extended.

The complete terms and conditions of the offer are set forth in the Offer to Purchase, copies of which are available by contacting the information agent, Innisfree M&A Incorporated, at 1-888-750-5834.

Philips also said it will file shortly a Premerger Notification and Report Form with the Federal Trade Commission and the Antitrust Division of the Department of Justice under the Hart-Scott-Rodino Anititrust Improvements Act.

Credit Suisse First Boston Corporation is the Dealer Manager for the Offer.

Philips Media Relations Jeremy Cohen, tel. +31 20 5977213