Subsequent Event (Notes)

12 Months Ended

Jun. 27, 2020

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

Merger with Analog Devices

On July 13, 2020, the Company announced that it had entered into the ADI Merger Agreement with Analog Devices, and Magneto Corp., a wholly owned subsidiary of Analog Devices (“Acquisition Sub”), under which, subject to the satisfaction or (to the extent permissible) waiver of the conditions set forth therein, Acquisition Sub will merge with and into the Company, and the Company will survive the merger as a wholly-owned subsidiary of Analog Devices (the “ADI Merger”). Under the terms of the ADI Merger Agreement, at the effective time of the ADI Merger (the “Effective Time”), each share of common stock, par value $0.001 per share, of the Company (the “Company Common Stock”), issued and outstanding immediately prior to the Effective Time (other than treasury shares and any shares of Company Common Stock held by Analog Devices or Acquisition Sub) will be converted into the right to receive 0.6300 of a fully paid and non-assessable share of common stock, par value $0.16 2/3 per share, of Analog Devices (with cash being paid (without interest and less applicable withholding taxes) in lieu of any fraction of a share of Analog Devices common stock). Analog Devices shareholders will continue to own their existing Analog Devices shares, and the combined company will be named Analog Devices.

The ADI Merger has been approved by both the Company’s Board of Directors and the Board of Directors of Analog Devices, and the completion of the ADI Merger is subject to customary closing conditions, including, among others, the required approvals of Maxim Integrated’s stockholders, the approval of ADI’s shareholders and the receipt of various regulatory approvals. Subject to the satisfaction or (to the extent permissible) waiver of such conditions, the transaction is expected to close in the summer of 2021. For additional information on the ADI Merger Agreement and the ADI Merger, please refer to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 13, 2020. The Company cannot guarantee that the ADI Merger will be completed on a timely basis or at all or that, if completed, it will be completed on the terms set forth in the ADI Merger Agreement.

A cash dividend of $0.48 per share will be paid on September 11, 2020, to Maxim Integrated stockholders of record on August 27, 2020. The Company will neither declare nor pay a dividend in any of the next succeeding four fiscal quarters and has suspended its open market stock repurchase program as the ADI Merger Agreement restricts the Company's ability to declare dividends and repurchase shares of the Company's common stock.