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IDT shareholders approve pending merger with Renesas

Integrated Device Technology Inc.'s shareholders approved the company's pending merger with advanced chip solutions provider Renesas Electronics Corp.

Shareholders representing about 82% of all outstanding shares in IDT approved the deal at a special meeting held Jan. 15. The deal's completion remains subject to remaining regulatory approvals and other customary closing conditions.

The companies have already secured regulatory antitrust approval for the transaction from China, Germany, Hungary and Korea. The Committee on Foreign Investment in the U.S. will resume its review of the deal for national security concerns once the relevant government agencies resume operations, which have been halted due to the ongoing government shutdown.