TXN - Maxim Integrated's Standalone Value Limits Downside Risk From The ADI Deal

• Maxim reported another better-than-expected quarter, as strong auto and industrial growth are fueling better revenue growth but not materially stronger operating leverage.
• Auto and industrial markets can support a long run of above-average growth, with volume and content growth opportunities in EVs, auto ADAS, automation/robotics, and industrial IoT.
• Delays in Chinese approval are becoming commonplace in tech deals, but there are automatic extension clauses in the merger agreement through January of 2022 and deal approval still seems likely.
• Maxim shares offer a discounted entry price for Analog Devices shares, but there's also solid standalone value to support the shares if the deal should collapse.

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