Acorn finally keeled over last week ending 20 years of business, when it sold off its remaining assets after failing to re-invent itself.
The former education specialist accepted a buyout offer from Morgan Stanley Dean Witter Investment Holdings under which Acorn shareholders will receive two shares in ARM Holdings - the chip business co-founded by Acorn - for every five Acorn shares.
Its Media DSP silicon business will be sold to a management team led by Stan Boland, chief executive of Acorn, for pounds 1.5 million, while its set-top box operation is being sold to Pace Micro Technology in a deal worth pounds 200,000.
Acorn pulled out of the PC business in January to concentrate on the set-top box and DSP markets. The vendor said it cut its losses during the first quarter of this year, but for the year ended 31 December 1998, Acorn reported an operating loss of pounds 10 million and sales of pounds 11.5 million.
Gordon Owen, chairman of Acorn, said: 'I am delighted that we have been able to generate a value enhancing solution enabling Acorn shareholders to participate directly in ARM's extraordinary success.'
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