Tundra shareholders OK sale to Integrated Device Tech

(Reuters) - Canada's Tundra Semiconductor Corp (TUN.TO) said its shareholders approved the company's takeover by a Canadian unit of U.S. chipmaker Integrated Device Technology Inc (IDTI.O).

The intellectual property firm said 4440471 Canada Inc, a Canadian unit of Integrated Device Technology, will acquire Tundra and the arrangement was approved at a special meeting of shareholders.

U.S. chipmaker Integrated Device Technology offered about C$120.8 million for Tundra, after it beat Gunnum Corp's (GND.TO) offer of about C$112 million.

The arrangement is subject to final approval of the Ontario Superior Court of Justice which is being sought on June 16, in Toronto, the company said.

Tundra expects the arrangement to be completed by June 29.

Shares of the Ottawa-based company closed at C$6.23 Monday on the Toronto Stock Exchange, while shares of Integrated Device Technology closed at $6.26 on the Nasdaq. ($1=1.129 Canadian Dollar)

(Reporting by Ashutosh Joshi in Bangalore; Editing by Gopakumar Warrier)