Parthus Technologies received approval from the High Court yesterday to merge with a division of the US-Israeli firm DSP Group to create a new firm, ParthusCeva.
But the Dublin-based group will not publish an eagerly awaited trading update today as originally planned as it has not yet received merger approval from the Securities and Exchange Commission or the British Listing Authority.
Parthus, which develops technology to embed in microchips, said yesterday it was still finalising approvals from the Securities and Exchange Commission and the British Listing Authority for the merger. But the transaction would close and trading of ParthusCeva shares on the Nasdaq and London Stock Exchange would begin following receipt of approvals, it said in a statement.
The High Court approval clears the way for Parthus to distribute $60 million (€62 million) in capital repayments to its shareholders, and complete its merger with Ceva, an arm of DSP Group that develops chip technology for mobile phones.
Parthus chief executive Mr Kevin Fielding had said after the company's extraordinary general meeting in September that it would release financial guidance on October 22nd but, due to a one-week delay in scheduling a court hearing, Parthus is not in a position to publish a financial update.
The update is eagerly awaited by investors following the firm's recent admission it would not meet financial targets. Shares closed down almost 5 per cent at 10.5p sterling in London yesterday.
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