Virage Logic announced its intent to acquire publicly held ARC International. The proposed acquisition would expand Virage Logic's ability to serve the global semiconductor market by complementing its existing portfolio of physical IP and standards-based advanced interface IP with ARC’s processor IP, a necessary component for complex System-on-Chip (SoC) integrated circuits. The proposed all-cash transaction values ARC at 16.25 pence per share, or an equity value of approximately £25.2 million ($41.0 million) on a fully-diluted basis. The Directors of ARC have recommended unanimously that ARC’s shareholders accept the offer. The offer period will extend for a minimum of 21 days from the date the offer document has been mailed, and the transaction is expected to close by the end of Virage Logic’s first fiscal quarter of 2010, which ends on December 31, 2009.