Press Release

Qualcomm Extends Tender Offer Period to Acquire Ikanos Communications, Inc.

Sep 15, 2015SAN DIEGO

Qualcomm products mentioned within this press release are offered by Qualcomm Technologies, Inc. and/or its subsidiaries.

Qualcomm Incorporated (NASDAQ: QCOM) today announced that its subsidiary Qualcomm Atheros, Inc. (“Parent”) and its indirect wholly-owned subsidiary King Acquisition Co. (“Purchaser”) are extending the expiration date for the previously announced tender offer for all of the issued and outstanding shares of common stock of Ikanos Communications, Inc. (“Ikanos”) for $2.75 per share, net in cash, without interest (less any applicable withholding taxes) until 5:00 p.m. (Eastern Time), on September 28, 2015.

On August 19, 2015, Purchaser commenced the tender offer for the Ikanos shares of common stock in accordance with the Agreement and Plan of Merger, dated as of August 5, 2015, by and among Parent, Ikanos and Purchaser. The tender offer is being extended to allow for adequate dissemination of information to stockholders and investor response time in connection with the Ikanos Schedule 14D-9/A filed on September 15, 2015 which included material information concerning the tender offer.

As of 12:00 midnight, Eastern Time, on September 14, 2015, Purchaser had received a preliminary number of tenders representing approximately 10,426,861 of the outstanding Ikanos shares of common stock, which represented approximately 60.18% of the outstanding Ikanos shares of Ikanos common stock on September 14, 2015.

About Qualcomm Incorporated

Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm’s licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm’s engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 30 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm’s website, OnQ blog, Twitter and Facebook pages.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Any statements contained herein which do not describe historical facts, including but not limited to, statements regarding: the proposed transaction between Parent and Ikanos; the expected timetable for completing the transaction; and any other statements about Qualcomm managements’ future expectations, beliefs, goals, plans, or prospects, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include: the possibility that certain closing conditions to the transaction will not be satisfied; that required regulatory approvals for the transaction may not be obtained in a timely manner, if at all; the ability to timely consummate the transaction and possibility that the transaction will not be completed; the ability of Parent to successfully integrate Ikanos’ operations and employees; the anticipated benefits of the transaction may not be realized; and those additional factors discussed in Qualcomm’s most recent Quarterly and Annual Reports on Forms 10-Q and 10-K filed with the Securities and Exchange Commission. Investors are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  

About the Tender Offer

THE PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES OF IKANOS COMMON STOCK.  

At the time the offer was commenced, Purchaser filed a Tender Offer Statement on Schedule TO with the United States Securities and Exchange Commission (“SEC”), and Ikanos filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer.  The offer to purchase shares of Ikanos common stock will only be made pursuant to the Offer to Purchase, the Letter of Transmittal and related documents filed as a part of the Schedule TO.

The Offer to Purchase, the related Letter of Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement, have been made available to all stockholders of Ikanos at no expense to them. The Tender Offer Statement and the Solicitation/Recommendation Statement are available without charge at the SEC’s web site, at http://www.sec.gov. Free copies of these materials and certain other offering documents have been sent to Ikanos’ stockholders by the information agent for the tender offer and are available by directing such requests to D.F. King & Co., Inc., the information agent for the offer, at 877-478-5044.

IKANOS STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT, INCLUDING ALL AMENDMENTS TO THOSE MATERIALS. SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION, WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER.

Additional Information and Where to Find It

In addition to the Solicitation/Recommendation Statement, Ikanos files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information filed by Ikanos at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. 

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