ADI - Maxim Integrated Executing Well Ahead Of The Analog Devices Deal

• Maxim reported a strong December quarter, with well-above expected results in auto and industrial offsetting weaker comm/data center.
• Like TI, Maxim is benefiting from having more inventory and production capacity available to serve the sudden upswing in auto demand.
• Maxim's recent outperformance is making ADI's pending acquisition look better and better for ADI.
• There is a 4% to 5% gap between Maxim's price and the price implied by the deal terms; the deal should close in the summer and Maxim would be fine on its own if the deal were to collapse.

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