IC design house MediaTek announced a tender offer to acquire analog IC firm RichTek for around NT$29.2 billion (US$904 million; US$1=NT$32.3), according to MediaTek's press release on September 7. Headquartered in Hsinchu, RichTek is a leading analog IC design company with a focus on power management solutions. By launching the tender offer, MediaTek plans to acquire 35% to 51% of Richte's outstanding shares for NT$195 per share. Upon the completion of tender offer, MediaTek will further acquire 100% of Richtek's outstanding shares. Collaborating with Richtek will help MediaTek expand into new areas, such as IoT (Internet of Things), to gain new growth driver. The acquisition, which remains to be approved by MediaTek's shareholder meetings and regulatory authorities, is expected to finalize by the second quarter of 2016.