Analog Devices, Maxim Ex-Board Defeat $21 Billion Deal Challenge

Analog Devices Inc. and former board members at Maxim Integrated Products Inc. prevailed Monday against shareholder litigation over the $21 billion merger between the two semiconductor companies.

Delaware’s top court rejected the deal challenge, upholding the decision of a judge who dismissed the case in May 2023. The lawsuit, filed in March 2022, said Maxim’s board unfairly paused dividends between signing and closing in an effort to pressure investors into swiftly approving the transaction.

The provision was supposedly justified by unlikely tax risks involving intercompany dividends, but neither Analog nor the board made any move to restore the dividends ...